Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Feb. 28, 2017 | Mar. 31, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | FACTSET RESEARCH SYSTEMS INC | |
Entity Central Index Key | 1,013,237 | |
Trading Symbol | fds | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 39,458,289 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Revenues from clients | $ 294,354 | $ 281,796 | $ 582,417 | $ 552,300 |
Operating expenses | ||||
Cost of services | 131,635 | 123,911 | 258,885 | 238,647 |
Selling, general and administrative | 70,973 | 72,541 | 141,467 | 141,001 |
Total operating expenses | 202,608 | 196,452 | 400,352 | 379,648 |
Operating income | 91,746 | 85,344 | 182,065 | 172,652 |
Other expense | ||||
Loss on sale of business | (1,208) | (1,223) | ||
Interest expense, net of interest income | (1,048) | (424) | (1,532) | (331) |
Total other expense | (2,256) | (424) | (2,755) | (331) |
Income before income taxes | 89,490 | 84,919 | 179,310 | 172,321 |
Provision for income taxes | 22,780 | 17,157 | 46,017 | 44,594 |
Net income | $ 66,710 | $ 67,763 | $ 133,293 | $ 127,727 |
Basic earnings per common share (in dollars per share) | $ 1.69 | $ 1.65 | $ 3.36 | $ 3.10 |
Diluted earnings per common share (in dollars per share) | $ 1.68 | $ 1.63 | $ 3.34 | $ 3.06 |
Basic weighted average common shares (in shares) | 39,489 | 41,117 | 39,659 | 41,252 |
Diluted weighted average common shares (in shares) | 39,700 | 41,536 | 39,900 | 41,799 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | ||
Net income | $ 66,710 | $ 67,763 | $ 133,293 | $ 127,727 | |
Other comprehensive income (loss), net of tax | |||||
Net unrealized gain (loss) on cash flow hedges* | [1] | 1,401 | (1,819) | 1,848 | (2,236) |
Foreign currency translation adjustments | 861 | (10,364) | (10,636) | (16,750) | |
Other comprehensive income (loss) | 2,262 | (12,183) | (8,788) | (18,986) | |
Comprehensive income | $ 68,972 | $ 55,580 | $ 124,505 | $ 108,741 | |
[1] | For the three and six months ended February 28, 2017, the unrealized gain on cash flow hedges was net of tax expense of $817 and $1,078, respectively. For the three and six months ended February 29, 2016, the unrealized loss on cash flow hedges was net of tax benefits of $1,068 and $1,311 respectively |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Unrealized gain on cash flow hedges | $ 817 | $ 1,068 | $ 1,078 | $ 1,311 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Feb. 28, 2017 | Aug. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 155,351 | $ 228,407 |
Investments | 30,003 | 24,217 |
Accounts receivable, net of reserves of $1,692 at February 28, 2017 and $1,521 at August 31, 2016 | 130,825 | 97,797 |
Prepaid taxes | 4,760 | |
Deferred taxes | 2,693 | 3,158 |
Prepaid expenses and other current assets | 20,408 | 15,697 |
Total current assets | 344,040 | 369,276 |
Property, equipment and leasehold improvements, at cost | 268,795 | 253,274 |
Less accumulated depreciation and amortization | (179,345) | (168,652) |
Property, equipment and leasehold improvements, net | 89,450 | 84,622 |
Goodwill | 506,832 | 452,915 |
Net Carrying Amount | 104,695 | 93,161 |
Deferred taxes | 8,862 | 13,406 |
Other assets | 7,950 | 5,781 |
TOTAL ASSETS | 1,061,829 | 1,019,161 |
LIABILITIES | ||
Accounts payable and accrued expenses | 51,121 | 45,836 |
Accrued compensation | 33,183 | 51,036 |
Deferred fees | 37,252 | 33,247 |
Deferred taxes | 767 | 291 |
Taxes payable | 13,056 | 7,781 |
Dividends payable | 19,709 | 20,019 |
Total current liabilities | 155,088 | 158,210 |
Long-term debt | 365,000 | 300,000 |
Deferred taxes | 2,947 | 1,708 |
Taxes payable | 10,029 | 8,782 |
Deferred rent and other non-current liabilities | 35,535 | 33,080 |
TOTAL LIABILITIES | 568,599 | 501,780 |
Commitments and contingencies (See Note 18) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | ||
Common stock, $.01 par value, 150,000,000 shares authorized, 51,658,197 and 51,150,978 shares issued; 39,418,826 and 40,038,225 shares outstanding at February 28, 2017 and August 31, 2016, respectively | 517 | 512 |
Additional paid-in capital | 704,522 | 623,195 |
Treasury stock, at cost: 12,239,371 and 11,112,753 shares at February 28, 2017 and August 31, 2016, respectively | (1,512,127) | (1,321,700) |
Retained earnings | 1,377,659 | 1,283,927 |
Accumulated other comprehensive loss | (77,341) | (68,553) |
TOTAL STOCKHOLDERS’ EQUITY | 493,230 | 517,381 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,061,829 | $ 1,019,161 |
Consolidated Balance Sheets (C6
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Feb. 28, 2017 | Aug. 31, 2016 |
Accounts receivable, reserves | $ 1,692 | $ 1,521 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 12,239,371 | 11,112,753 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Feb. 28, 2017 | Feb. 29, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 133,293 | $ 127,727 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 20,649 | 18,260 |
Stock-based compensation expense | 13,611 | 15,027 |
Loss on sale of business | 1,223 | |
Deferred income taxes | 3,032 | 732 |
Loss on disposition of assets | 142 | |
Tax benefits from share-based payment arrangements | (8,995) | (10,804) |
Changes in assets and liabilities, net of effects of acquisitions | ||
Accounts receivable, net of reserves | (30,998) | (5,683) |
Accounts payable and accrued expenses | 3,352 | 1,930 |
Accrued compensation | (17,699) | (10,180) |
Deferred fees | 1,152 | 913 |
Taxes payable, net of prepaid taxes | 10,561 | 15,138 |
Prepaid expenses and other assets | (3,982) | 1,816 |
Deferred rent and other non-current liabilities | 2,774 | 9,372 |
Other working capital accounts, net | (57) | (22) |
Net cash provided by operating activities | 128,058 | 164,226 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of businesses, net of cash acquired | (71,689) | (264,087) |
Purchases of investments | (25,149) | (12,530) |
Proceeds from sales of investments | 19,501 | 12,423 |
Purchases of property, equipment and leasehold improvements | (18,046) | (26,438) |
Net cash used in investing activities | (95,383) | (290,632) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividend payments | (39,568) | (36,132) |
Repurchases of common stock | (166,427) | (115,695) |
Proceeds from debt | 65,000 | 265,000 |
Sale of business | (1,223) | |
Debt issuance costs | (12) | |
Proceeds from employee stock plans | 34,725 | 26,848 |
Tax benefits from share-based payment arrangements | 8,995 | 10,804 |
Net cash (used in) provided by financing activities | (98,498) | 150,813 |
Effect of exchange rate changes on cash and cash equivalents | (7,233) | (8,151) |
Net (decrease) increase in cash and cash equivalents | (73,056) | 16,256 |
Cash and cash equivalents at beginning of period | 228,407 | 158,914 |
Cash and cash equivalents at end of period | $ 155,351 | $ 175,170 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. FactSet Research Systems Inc. (the “Company” or “FactSet”) is a global provider of integrated financial information, analytical applications and industry-leading service for the global investment community. The Company delivers insight and information to investment professionals through its analytics, service, content, and technology. By integrating comprehensive datasets and analytics across asset classes with client data, FactSet supports the workflow of both the buy-side and sell-side. These professionals include portfolio managers, wealth managers, research and performance analysts, risk managers, sell-side equity research professionals, investment bankers, and fixed income professionals. From streaming real-time data to historical information, including quotes, estimates, news and commentary, FactSet offers unique and third |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. BASIS OF PRESENTATION FactSet conducts business globally and is managed on a geographic basis. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany activity and balances have been eliminated from the consolidated financial statements. The accompanying financial data as of February 28, 2017 three six February 28, 2017 February 29, 2016 August 31, 2016 10 10 August 31, 2016. In the opinion of management, the accompanying balance sheets and related interim statements of income, comprehensive income and cash flows include all normal adjustments in order to present fairly the results of the Company’s operations for the periods presented in conformity with GAAP. The Company has evaluated subsequent events through the date that the financial statements were issued. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 . RECENT ACCOUNTING PRONOUNCEMENTS As of the beginning of fiscal 2017, first six 2017 Revenue Recognition In May 2014 July 2015, first 2019, 2018 Balance Sheet Classification of Deferred Taxes In November 2015, first 2018, 2017 Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, first 2019. Leases In February 2016, first 2020, 2019 Share-Based Payments In March 2016, first 2018. Cash Flow Simplification In August 2016, first 2019. Income Taxes on Intra-Entity Transfer s of Asset s In October 2016, first 2019. Goodwill Impairment Test In January 2017, 2 first 2021, January 1, 2017. No other new accounting pronouncements issued or effective as of February 28, 2017 |
Note 4 - Fair Value Measures
Note 4 - Fair Value Measures | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 4 . FAIR VALUE MEASURES Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy The accounting guidance for fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three may may Level 1 1 Level 2 2. Level 3 3 February 28, 2017 August 31, 2016. ( a ) Asse ts and Liabilities Measured at Fair Value on a Recurring Basis The following tables shows by level within the fair value hierarchy the Company’s assets and liabilities that are measured at fair value on a recurring basis at February 28, 2017 August 31, 2016: Fair Value Measurements at February 28, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 15,355 $ — $ — $ 15,355 Mutual funds (2) — 11,240 — 11,240 Certificates of deposit ( 3 ) — 18,763 — 18,763 Derivative instruments (4 ) — 2,817 — 2,817 Total assets measured at fair value $ 15,355 $ 32,820 $ — $ 48,175 Liabilities Derivative instruments ( 4 ) $ — $ 1,813 $ — $ 1,813 Total liabilities measured at fair value $ — $ 1,813 $ — $ 1,813 Fair Value Measurements at August 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 92,765 $ — $ — $ 92,765 Certificates of deposit ( 3 ) — 24,217 — 24,217 Derivative instruments ( 4 ) — 869 — 869 Total assets measured at fair value $ 92,765 $ 25,086 $ — $ 117,851 Liabilities Derivative instruments ( 4 ) $ — $ 2,791 $ — $ 2,791 Total liabilities measured at fair value $ — $ 2,791 $ — $ 2,791 (1) The Company’s corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. As such, the Company’s corporate money market funds are classified as Level 1 (2) The Company’s mutual funds have a fair value based on the fair value of the underlying investments held by the mutual funds allocated to each share of the mutual fund using a net asset value approach . The fair value of the underlying investments is based on observable inputs . As such, the Company’s mutual funds are classified as Level 2 and are classified as i nvestments (short-term) on the Consolidated Balance S heet s . (3) The Company’s certificates of deposit held for investment are not debt securities and are classified as Level 2. three one nvestments (short-term) on the Consolidated Balance S heet s . (4) The Company utilizes the income approach to measure fair value for its derivative instruments ( foreign currency forward contracts ). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore are classified as Level 2. The Company did not have any transfers between Level 1 2 (b) Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain assets, including goodwill and intangible assets, and liabilities, are measured at fair value on a non-recurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances such as when they are deemed to be other-than-temporarily impaired. The fair values of these non-financial assets and liabilities are determined based on valuation techniques using the best information available, and may six February 28, 2017, (c) Assets and Liabilities Measured at Fair Value for Disclosure Purposes only As of February 28, 2017 August 31, 2016, $365.0 $300.0 2 |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5 . DERIVATIVE INSTRUMENTS Cash Flow Hedges FactSet conducts business outside the U.S. in several currencies including the British Pound Sterling, Euro, Indian Rupee, Japanese Yen and Philippine Peso. As such, it is exposed to movements in foreign currency exchange rates compared to the U.S. dollar. The Company utilizes derivative instruments (foreign currency forward contracts) to manage the exposures related to the effects of foreign exchange rate fluctuations and reduce the volatility of earnings and cash flows associated with changes in foreign currency. The Company does not enter into foreign currency forward contracts for trading or speculative purposes. In designing a specific hedging approach, FactSet considered several factors, including offsetting exposures, the significance of exposures, the forecasting of risk and the potential effectiveness of the hedge. The gains and losses on foreign currency forward contracts offset the variability in operating expenses associated with currency movements. The changes in fair value for these foreign currency forward contracts are initially reported as a component of accumulated other comprehensive loss (“AOCL”) and subsequently reclassified into operating expenses when the hedged exposure affects earnings. There was no discontinuance of cash flow hedges during the first six 2017 2016, As of February 28, 2017, ● British Pound Sterling - 50% fourth 2017. ● Indian Rupee 75% third 2019. The following is a summary of all hedging positions and corresponding fair values: (in thousands) Gross Notional Value Fair Value (Liability) Asset Currency Hedged (in U.S. dollars) February 28, 2017 August 31, 2016 February 28, 2017 August 31, 2016 British Pound Sterling $ 16,369 $ 33,280 $ (1,813 ) $ (2,791 ) Indian Rupee 62,960 58,410 2,817 869 Total $ 79,329 $ 91,690 $ 1,004 $ (1,922 ) As of February 28, 2017, £11.7 4.6 Counterparty Credit Risk As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. FactSet has incorporated counterparty risk into the fair value of its derivative assets and its own credit risk into the value of the Company’s derivative liabilities. FactSet calculates credit risk from observable data related to credit default swaps (“CDS”) as quoted by publicly available information. Counterparty risk is represented by CDS spreads related to the senior secured debt of the respective bank with whom FactSet has executed these derivative transactions. Because CDS spread information is not available for FactSet, the Company’s credit risk is determined based on using a simple average of CDS spreads for peer companies. To mitigate counterparty credit risk, FactSet enters into contracts with large financial institutions and regularly reviews its credit exposure balances as well as the creditworthiness of the counterparties. The Company does not expect any losses as a result of default of its counterparties. Fair Value of Derivative Instruments The following table provides the fair value of derivative instruments: (in thousands) Designation of Derivatives Balance Sheet Location February 28, 2017 August 31, 2016 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 1,103 $ 163 Other assets $ 1,714 $ 706 Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ 1,813 $ 2,791 All derivatives were designated as hedging instruments as of February 28, 2017 August 31, 2016, Derivatives in Cash Flow Hedging Relationships The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the three February 28, 2017 February 29, 2016: (in thousands) Gain (Loss) Recognized in AOCL on Derivatives Location of Loss into Income (Effective Portion) Loss Reclassified Derivatives in Cash Flow Hedging Relationships 2017 2016 2017 2016 Foreign currency forward contracts $ 1,188 $ (2,891 ) SG&A $ (1,030 ) $ (4 ) The following table provides the pre-tax effect of derivative instruments in cash flow hedging relationships for the six February 28, 2017 February 29, 2016: (in thousands) Gain (Loss) Recognized in AOCL on Derivatives Location of Loss into Income (Effective Portion) (Loss) Gain Reclassified Derivatives in Cash Flow Hedging Relationships 2017 2016 2017 2016 Foreign currency forward contracts $ 539 $ (3,496 ) SG&A $ (2,387 ) $ 52 No amount of ineffectiveness was recorded in the Consolidated Statements of Income for these designated cash flow hedges and all components of each derivative’s gain or loss was included in the assessment of hedge effectiveness. As of February 28, 2017, $0.7 12 Offsetting of Derivative Instruments FactSet’s master netting and other similar arrangements with its respective counterparties allow for net settlement under certain conditions. As of February 28, 2017 August 31, 2016, |
Note 6 - Other Comprehensive In
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 6. AND ACCUMULATED OTHER COMPREHENSIVE LOSS The components of other comprehensive income (loss) and amounts reclassified out of AOCL into earnings during the three February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ 861 $ 861 $ (10,364 ) $ (10,364 ) Realized loss on cash flow hedges reclassified to earnings (1) 1,030 651 4 3 Unrealized gain (loss) on cash flow hedges recognized in AOCL 1,188 750 (2,891 ) (1,822 ) Other comprehensive income (loss) $ 3,081 $ 2,262 $ (13,251 ) $ (12,183 ) (1) Reclassified to Selling, General and Administrative Expenses The components of other comprehensive loss and amounts reclassified out of AOCL into earnings during the six February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (10,636 ) $ (10,636 ) $ (16,750 ) $ (16,750 ) Realized loss (gain) on cash flow hedges reclassified to earnings (1) 2,387 1,508 (52 ) (32 ) Unrealized gain (loss) on cash flow hedges recognized in AOCL 539 340 (3,496 ) (2,204 ) Other comprehensive loss $ (7,708 ) $ (8,788 ) $ (20,298 ) $ (18,986 ) (1) Reclassified to Selling, General and Administrative Expenses The components of AOCL are as follows: (in thousands) February 28, 2017 August 31, 2016 Accumulated unrealized gains (losses) on cash flow hedges, net of tax $ 633 $ (1,215 ) Accumulated foreign currency translation adjustments (77,974 ) (67,338 ) Total accumulated other comprehensive loss $ (77,341 ) $ (68,553 ) |
Note 7 - Segment Information
Note 7 - Segment Information | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7 . SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities from which they may FactSet’s operating segments are aligned with how the Company, including its CODMG, manages the business and the demographic markets in which FactSet serves. The Company’s internal financial reporting structure is based on three September 1, 2016, The U.S. segment services finance professionals including financial institutions throughout the Americas, while the European and Asia Pacific segments service investment professionals located throughout Europe and the Asia Pacific region, respectively. The European segment is headquartered in London, England and maintains office locations in France, Germany, Ireland, Italy, Latvia, Luxembourg, the Netherlands, Spain, South Africa, Sweden and Dubai. The Asia Pacific segment is headquartered in Tokyo, Japan with office locations in Australia, Hong Kong, Singapore and India. Segment revenues reflect direct sales to clients based in their respective geographic locations. There are no intersegment or intercompany sales of FactSet services. Each segment records compensation expense, including stock-based compensation, amortization of intangible assets, depreciation of furniture and fixtures, amortization of leasehold improvements, communication costs, professional fees, rent expense, travel, marketing, office and other direct expenses. Expenditures associated with the Company’s data centers, third $506.8 February 28, 2017, 72% 27% 1% The following reflects the results of operations of the segments consistent with the Company’s management system. These results are used by management, both in evaluating the performance of, and in allocating resources to, each of the segments. (in thousands) For the three months ended February 28, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 191,629 $ 76,273 $ 26,452 $ 294,354 Segment operating profit 36,188 39,932 15,625 91,746 Total assets 675,830 291,643 94,356 1,061,829 Capital expenditures 3,976 170 1,363 5,509 For the three months ended February 29, 2016 U.S. Europe Asia Pacific Total Revenues from clients $ 189,653 $ 68,976 $ 23,167 $ 281,796 Segment operating profit 40,297 31,450 13,597 85,344 Total assets 705,898 239,687 76,120 1,021,705 Capital expenditures 10,180 483 1,390 12,053 For the six months ended February 28, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 382,256 $ 148,136 $ 52,025 $ 582,417 Segment operating profit 76,192 76,516 29,355 182,065 Capital expenditures 15,100 661 2,285 18,046 For the six months ended February 29, 2016 U.S. Europe Asia Pacific Total Revenues from clients $ 371,897 $ 135,955 $ 44,448 $ 552,300 Segment operating profit 85,459 62,232 24,961 172,652 Capital expenditures 23,072 1,268 2,098 26,438 |
Note 8 - Business Combinations
Note 8 - Business Combinations | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 8. Vermilion On November 8, 2016, $67.9 59 $0.7 first six 2017. The total purchase price was allocated to Vermilion’s net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. Based upon the purchase price and the valuation, the allocation is as follows: (i n thousands ) Tangible assets acquired $ 8,242 Amortizable intangible assets Software technology 10,916 Client relationships 5,954 Non-compete agreements 806 Trade name 571 Goodwill 50,832 Total assets acquired $ 77,321 Liabilities assumed (9,434 ) Net assets acquired $ 67,887 Intangible assets of $18.2 15 six three four Goodwill totaling $50.8 November 8, 2016. Portware On October 16, 2015, $263.6 166 $0.7 2016 The total purchase price was allocated to Portware’s net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. Based upon the purchase price and the valuation, the allocation is as follows: (i n thousands ) Tangible assets acquired $ 9,656 Amortizable intangible assets Software technology 43,000 Client relationships 27,000 Non-compete agreements 3,500 Trade name 2,000 Goodwill 187,378 Total assets acquired $ 272,534 Liabilities assumed (8,951 ) Net assets acquired $ 263,583 Intangible assets of $75.5 16 eight seven five Goodwill totaling $187.4 77% October 16, 2015. |
Note 9 - Dispositions
Note 9 - Dispositions | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 9 . DISPOSITIONS During the third 2016, July 1, 2016, $165.0 $9.7 $112.5 fourth 2016. second 2017, $1.2 Other Expense The Company assessed the Transaction and the disposal group and determined that the sale did not represent a strategic shift in its business that has a major effect on its consolidated results of operations, financial position or cash flows. Accordingly, the disposal group was not presented in the consolidated financial statements as a discontinued operation. The results of the disposal group through the date the Transaction closed were reported within the U.S. segment (for Market Metrics LLC) and the European segment (for Matrix-Data Limited). |
Note 10 - Goodwill
Note 10 - Goodwill | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 10 . GOODWILL Changes in the carrying amount of goodwill by segment for the six February 28, 2017 (i n thousands ) U.S. Europe Asia Pacific Total Balance at August 31, 2016 $ 367,480 $ 82,280 $ 3,155 $ 452,915 Goodwill acquired during the period — 57,023 — 57,023 Foreign currency translations — (2,867 ) (239 ) (3,106 ) Balance at February 28, 2017 $ 367,480 $ 136,436 $ 2,916 $ 506,832 Goodwill is not amortized as it is estimated to have an indefinite life. At least annually, the Company is required to test goodwill at the reporting unit level for potential impairment, and, if impaired, write down to fair value based on the present value of discounted cash flows. The Company’s reporting units evaluated for potential impairment were the U.S., Europe and Asia Pacific, which reflect the level of internal reporting the Company uses to manage its business and operations. The three fourth 2016, no first six 2017 $57.0 |
Note 11 - Intangible Assets
Note 11 - Intangible Assets | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 1 1 . INTANGIBLE ASSETS FactSet’s identifiable intangible assets consist of acquired content databases, client relationships, software technology, non-compete agreements and trade names resulting from acquisitions, which have been fully integrated into the Company’s operations. The weighted average useful life of FactSet’s acquired identifiable intangible assets at February 28, 2017 10.9 first six 2017. During the six February 28, 2017, $20.3 8.7 At February 28, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 32,691 $ 17,168 $ 15,523 Client relationships 51,455 18,352 33,103 Software technology 74,826 24,519 50,307 Non-compete agreements 5,153 1,490 3,663 Trade names 3,337 1,238 2,099 Total $ 167,462 $ 62,767 $ 104,695 At August 31, 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 34,167 $ 16,758 $ 17,409 Client relationships 45,185 16,480 28,705 Software technology 62,560 20,545 42,015 Non-compete agreements 4,344 1,118 3,226 Trade names 2,728 922 1,806 Total $ 148,984 $ 55,823 $ 93,161 Amortization expense recorded for intangible assets was $4.2 $4.1 three February 28, 2017 February 29, 2016, $8.0 $7.0 six February 28, 2017 February 29, 2016, February 28, 2017, five Fiscal Year (in thousands) Estimated Amortization Expense 2017 (remaining six months) $ 8,352 2018 15,960 2019 15,043 2020 14,389 2021 12,921 Thereafter 38,030 Total $ 104,695 |
Note 12 - Common Stock and Earn
Note 12 - Common Stock and Earnings Per Share | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12 . COMMON STOCK AND EARNINGS PER SHARE On February 3, 2017, $0.50 $2.00 $19.7 March 21, 2017 February 28, 2017. Shares of common stock outstanding were as follows: Six Months ended (i n thousands) February 28, 2017 February 29, 2016 Balance at September 1 40,038 41,317 Common stock issued for employee stock plans 506 420 Repurchase of common stock from employees (1) (37 ) (14 ) Repurchase of common stock under the share repurchase program (985 ) (715 ) Repurchase of common stock under accelerated share repurchase agreement (103 ) — Balance at February 28, 2017 and February 29, 2016, respectively 39,419 41,008 (1) For the six months ended February 28, 2017 February 29, 2016 , the Company repurchased 37,042 and 13,831 5.7 million and $2.4 of restricted stock. A reconciliation of the weighted average shares outstanding used in the basic and diluted earnings per share (“EPS”) computations is as follows: (in thousands, except per share data) Net Income (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the three months ended February 28, 2017 Basic EPS Income available to common stockholders $ 66,710 39,489 $ 1.69 Diluted EPS Dilutive effect of stock options and restricted stock 211 Income available to common stockholders plus assumed conversions $ 66,710 39,700 $ 1.68 For the three months ended February 29, 2016 Basic EPS Income available to common stockholders $ 67,763 41,117 $ 1.65 Diluted EPS Dilutive effect of stock options and restricted stock 419 Income available to common stockholders plus assumed conversions $ 67,763 41,536 $ 1.63 For the six months ended February 28, 2017 Basic EPS Income available to common stockholders $ 133,293 39,659 $ 3.36 Diluted EPS Dilutive effect of stock options and restricted stock 241 Income available to common stockholders plus assumed conversions $ 133,293 39,900 $ 3.34 For the six months ended February 29, 2016 Basic EPS Income available to common stockholders $ 127,727 41,252 $ 3.10 Diluted EPS Dilutive effect of stock options and restricted stock 547 Income available to common stockholders plus assumed conversions $ 127,727 41,799 $ 3.06 Dilutive potential common shares consist of stock options and unvested restricted stock awards. The number of stock options excluded from the calculation of diluted earnings per share for the three six February 28, 2017 487,023 three six February 29, 2016 692,297 For the three six February 28, 2017, 754,561 . three six February 29, 2016, 937,089 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 3 . STOCKHOLDERS’ EQUITY Preferred Stock At February 28, 2017 August 31, 2016, 10,000,000 ( $0.01 no may one Common Stock At February 28, 2017 August 31, 2016, 150,000,000 ( $.01 51,658,197 51,150,978 Treasury Stock At February 28, 2017 August 31, 2016, 12,239,371 11,112,753 39,418,826 40,038,225 February 28, 2017 August 31, 2016, Share Repurchase Program Repurchases will be made from time to time in the open market and privately negotiated transactions, subject to market conditions. During the first six 2017, 984,822 $160.4 715,000 $113.3 February 28, 2017, $36.5 March 27, 2017, $300.0 $336.5 On July 1, 2016 $120.0 595,607 July 5, 2016, 80% first 2017 102,916 Restricted Stock Vesting Restricted stock awards entitle the holder to shares of common stock as the awards vest over time. During the first six 2017, 101,234 February 28, 2017 37,042 37,079 February 29, 2016 13,831 Dividends The Company’s Board of Directors declared the following historical dividends: Declaration Date Dividends Per Type Record Date Total $ Amount (in thousands) Payment Date February 6, 2017 $ 0.50 Regular (cash) February 28, 2017 $ 19,709 March 21, 2017 November 10, 2016 $ 0.50 Regular (cash) November 30, 2016 $ 19,852 December 20, 2016 August 5, 2016 $ 0.50 Regular (cash) August 31, 2016 $ 20,019 September 20, 2016 May 6, 2016 $ 0.50 Regular (cash) May 31, 2016 $ 20,171 June 21, 2016 February 5, 2016 $ 0.44 Regular (cash) February 29, 2016 $ 18,044 March 15, 2016 November 6, 2015 $ 0.44 Regular (cash) November 30, 2015 $ 18,208 December 15, 2015 August 10, 2015 $ 0.44 Regular (cash) August 31, 2015 $ 18,179 September 15, 2015 All of the above cash dividends were paid from existing cash resources. Future dividend payments will depend on the Company’s earnings, capital requirements, financial condition and other factors considered relevant by the Company and is subject to final determination by the Company’s Board of Directors. |
Note 14 - Employee Stock Option
Note 14 - Employee Stock Option and Retirement Plans | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 1 4 . EMPLOYEE STOCK OPTION AND RETIREMENT PLANS Stock Option Awards The FactSet Research Systems Inc. 2004 December 14, 2020. seven ten five may Stock Option Activity During the first six 2017, 755,467 $153.87 February 28, 2017, 3,698,917 $139.27. $63.9 3.6 A summary of stock option activity is as follows: (in thousands, except per share data) Number Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2016 3,364 $ 129.54 Granted – non performance-based 671 $ 152.28 Granted – performance-based 23 $ 159.45 Exercised (199 ) $ 74.56 Forfeited (26 ) $ 147.22 Balance at November 30, 2016 3,833 $ 136.43 Granted – performance-based 62 $ 169.16 Granted – non-employee Directors grant 24 $ 170.24 Exercised (170 ) $ 89.62 Forfeited (50 ) $ 141.50 Balance at February 28, 2017 3,699 $ 139.27 The total number of in-the-money options exercisable as of February 28, 2017 0.9 $103.43. August 31, 2016, 1.0 $89.42. February 28, 2017 August 31, 2016 $68.5 $86.0 $177.90 $178.03 February 28, 2017 August 31, 2016, six February 28, 2017 February 29, 2016 $30.5 $33.7 Performance-based Stock Options Performance-based stock options require management to make assumptions regarding the likelihood of achieving Company performance targets. The number of performance-based options that vest will be predicated on the Company achieving performance levels during the measurement period subsequent to the date of grant. Dependent on the financial performance levels attained by FactSet, a percentage of the performance-based stock options will vest to the grantees of those stock options. However, there is no current guarantee that such options will vest in whole or in part. July 2012 In July 2012, 241,546 20% August 31, 2017. second 2017, four 80%, 193,256, February 28, 2017, fifth August 31, 2017, $0.2 0.5years. six 2017 fifth February 28, 2017, $1.4 February 2015 w In connection with the acquisition of Code Red, FactSet granted 137,522 second 2015. 68,761 two February 28, 2017. 70% February 28, 2019 February 28, 2017, $1.0 2.0 The remaining 68,761 February 2015 four February 28, 2019. February 28, 2017, $0.6 2.0 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% $ (619 ) — 10% $ (464 ) $ 145 40% (current expectation) — $ 581 70% $ 464 $ 1,017 100% $ 928 $ 1,453 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of February 28, 2017. October 2015 In connection with the acquisition of Portware during the first 2016, 530,418 40% second 20% October 16, 2017. February 28, 2017, Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) — — 50% $ 3,369 $ 8,881 70% $ 4,716 $ 12,434 100% $ 6,738 $ 17,762 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of February 28, 2017 . FactSet granted 20,911 fourth 2016. October 2015 40% second 20% October 16, 2017. February 28, 2017, Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) — — 50% $ 58 $ 442 70% $ 82 $ 618 100% $ 116 $ 884 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of February 28, 2017 . January 2017 Performance-based Option Grant Review In connection with the acquisition of Vermilion, FactSet granted 61,744 January 2017. 40% second 20% November 30, 2018. February 28, 2017, Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) — — 100% $ 68 $ 2,637 * Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of February 28, 2017 . Restricted Stock and Stock Unit Awards The Company’s Option Plan permits the issuance of restricted stock and restricted stock units. Restricted stock awards are subject to continued employment over a specified period. Restricted Stock and Stock Unit Awards Activity During the first six 2017, 12,927 $157.50. 5.0 As of February 28, 2017, 170,607 $19.3 3.1 A summary of restricted stock award activity is as follows: (in thousands, except per award data) Number Outstanding Weighted Average Grant Date Fair Value Per Award Balance at August 31, 2016 262 $ 126.27 Granted 5 $ 151.63 Vested (1) (95 ) $ 112.70 Balance at November 30, 2016 172 $ 134.02 Granted 8 $ 161.31 Forfeited (3 ) $ 114.42 Vested (2) (6 ) $ 105.91 Balance at February 28, 2017 171 $ 136.65 (1) Of the 94,877 first 2017, 73,522 November 1, 2013. The remaining 40% tricted stock awards cliff vest after five November 1, 2018 are amortized to expense over the vesting period using the st raight-line attribution method. The other restricted stock awards that vested related primarily to awards granted in November 2015, 20% (2) Of the 6,357 restricted stock awards that vested during the second quarter of fiscal 2017, 5,150 related to awards granted on February 3, 2014 . The remaining 40% tricted stock awards cliff vest after five February 3, 2019 and are amortized to expense over the vesting period using the st raight-line attribution method. The other restricted stock awards that vested related to awards granted in February 2015 100% February 9, 2017. Share-based Awards Available for Grant A summary of share-based awards available for grant is as follows: (in thousands) Share-based Awards Available for Grant under the Employee Option Plan Share-based Awards Available for Grant under the Non-Employee Directors Plan Balance at August 31, 2016 1,491 66 Granted – non performance-based options (671 ) — Granted – performance-based options (23 ) — Granted – restricted stock awards (1) (12 ) — Share-based awards canceled/forfeited (2) 29 — Balance at November 30, 2016 814 66 Granted – non performance-based options — (24 ) Granted – performance-based options (62 ) — Granted – restricted stock awards (1) (20 ) — Share-based awards canceled/forfeited (2) 56 — Balance at February 28, 2017 788 42 (1) Each restricted stock award granted is equivalent to 2.5 . (2) Under the Company’s Option Plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 Employee Stock Purchase Plan Shares of FactSet common stock may 2008 three 85% first three may 10% During the three February 28, 2017, 20,744 $135.48 20,338 $127.92 three February 29, 2016. six February 28, 2017, 37,240 $135.77 36,173 $128.99 six February 29, 2016. February 28, 2017, 371,304 401(k) The Company established it 401(k) 1993. 401(k) 1974 1986 may 60% 4% five $4.6 $4.5 401(k) six February 28, 2017 February 29, 2016, |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 5 . STOCK-BASED COMPENSATION The Company recognized total stock-based compensation expense of $7.2 $13.6 three six February 28, 2017, $8.6 $15.0 three six February 29, 2016, February 28, 2017, $83.3 3.5 no February 28, 2017 August 31, 2016, Employee Stock Option Fair Value Determinations The Company utilizes the lattice-binomial option-pricing model (“binomial model”) to estimate the fair value of new employee stock option grants. The Company’s determination of fair value of stock option awards on the date of grant using the binomial model is affected by the Company’s stock price as well as assumptions regarding a number of variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeitures and employee stock option exercise behaviors. Q1 2017 671,263 22,460 $152.51 $39.60 Q2 2017 61,744 $169.16 $43.81 Q1 2016 513,785 530,418 $170.21 $46.62 Q2 2016 4,073 $150.81 $40.51 The weighted average estimated fair value of employee stock options granted was determined using the binomial model with the following weighted average assumptions: Three months ended February 28, 2017 February 29, 2016 Term structure of risk-free interest rate 0.49% - 1.89% 0.16% - 2.12% Expected life (years) 7.4 7.4 Term structure of volatility 21% - 29% 21% - 30% Dividend yield 1.18% 1.07% Weighted average estimated fair value $43.81 $40.51 Weighted average exercise price $169.16 $150.81 Fair value as a percentage of exercise price 25.9% 26.9% Six months ended February 28, 2017 February 29, 2016 Term structure of risk-free interest rate 0.07% - 2.09% 0.07% - 2.12% Expected life (years) 7.4 7.8 Term structure of volatility 21% - 30% 21% - 30% Dividend yield 1.18% 1.07% Weighted average estimated fair value $39.95 $46.59 Weighted average exercise price $153.87 $170.13 Fair value as a percentage of exercise price 26.0% 27.4% The risk-free interest rate assumption for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on a combination of historical volatility of the Company’s stock and implied volatilities of publicly traded options to buy FactSet common stock with contractual terms closest to the expected life of options granted to employees. The approach to utilize a mix of historical and implied volatility was based upon the availability of actively traded options on the Company’s stock and the Company’s assessment that a combination of implied volatility and historical volatility is best representative of future stock price trends. The Company uses historical data to estimate option exercises and employee termination within the valuation model. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding and is a derived output of the binomial model. The binomial model estimates employees exercise behavior based on the option’s remaining vested life and the extent to which the option is in-the-money. The binomial model estimates the probability of exercise as a function of these two Non-Employee Director Stock Option Fair Value Determinations The 2008 250,000 42,185 February 28, 2017. December 1, 2018. The Company utilizes the Black-Scholes model to estimate the fair value of non-employee Director stock option grants. The Company’s determination of fair value of share-based payment awards on the date of grant is affected by the Company’s stock price as well as assumptions regarding a number of variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeitures and employee stock option exercise behaviors. Fiscal 201 7 On January 13, 2017, 23,846 one 2,417 December 20, 2016. January 13, 2017 $35.65 Risk-free interest rate 1.95 % Expected life (years) 5.4 Expected volatility 22.7 % Dividend yield 1.24 % Fiscal 2016 On January 15, 2016, 22,559 one 2,417 December 15, 2015. January 15, 2016 $31.03 Risk-free interest rate 1.62 % Expected life (years) 5.4 Expected volatility 23.0 % Dividend yield 1.05 % Restricted Stock Fair Value Determinations Restricted stock granted to employees entitles the holder to shares of common stock as the award vests over time, but not to dividends declared on the underlying shares while the restricted stock is unvested. The grant date fair value of restricted stock awards is measured by reducing the grant date price of FactSet’s share by the present value of the dividends expected to be paid on the underlying stock during the requisite service period, discounted at the appropriate risk-free interest rate. Restricted stock awards are amortized to expense over the vesting period. During the first six 2017, 12,927 $157.50. first six 2016, 93,120 $159.46. Employee Stock Purchase Plan Fair Value Determinations During the three February 28, 2017, 20,744 $135.48 20,338 $127.92 three February 29, 2016. six February 28, 2017, 37,240 $135.77 36,173 $128.99 six February 29, 2016. three February 28, 2017 February 29, 2016, $0.6 $0.5 six February 28, 2017 February 29, 2016, $1.0 $0.9 The weighted average estimated fair value for the ESPP was calculated using the Black-Scholes model with the following assumptions: Three months ended February 28, 2017 February 29, 2016 Risk-free interest rate 0.51 % 0.26 % Expected life (months) 3 3 Expected volatility 7.8 % 12.5 % Dividend yield 1.25 % 1.03 % Weighted average estimated fair value $ 25.88 $ 29.54 Six months ended February 28, 2017 February 29, 2016 Risk-free interest rate 0.44 % 0.17 % Expected life (months) 3 3 Expected volatility 8.9 % 11.4 % Dividend yield 1.19 % 1.08 % Weighted average estimated fair value $ 27.85 $ 27.73 Accuracy of Fair Value Estimates The Company is responsible for determining the assumptions used in estimating the fair value of its share-based payment awards. The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, interest rates, option forfeiture rates and actual and projected employee stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. |
Note 16 - Income Taxes
Note 16 - Income Taxes | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 6 . INCOME TAXES Income tax expense is based on taxable income determined in accordance with current enacted laws and tax rates. Deferred income taxes are recorded for the temporary differences between the financial statement and tax bases of assets and liabilities using currently enacted tax rates. Provision for Income Taxes The provision for income taxes is as follows: Three months ended Six months ended (in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 U.S. operations $ 34,661 $ 66,375 $ 94,863 $ 137,274 Non-U.S. operations 54,829 18,544 84,447 35,047 Income before income taxes $ 89,490 $ 84,919 $ 179,310 $ 172,321 U.S. operations $ 12,545 $ 13,704 $ 30,598 $ 37,776 Non-U.S. operations 10,235 3,453 15,419 6,818 Total provision for income taxes $ 22,780 $ 17,157 $ 46,017 $ 44,594 Effective tax rate 25.5 % 20.2% (1) 25.7 % 25.9 % (1) In December 2015, 2016 “2016 December 31, 2014. January 1, 2015 2016 $7.3 second 2016 20.2%. FactSet’s effective tax rate is based on recurring factors and nonrecurring events, including the taxation of foreign income. The Company’s effective tax rate will vary based on, among other things, changes in levels of foreign income, as well as discrete and other nonrecurring events that may 35.0% FactSet Operational Realignment Effective September 1, 2016, 250 2017 Deferred Tax Assets and Liabilities The significant components of deferred tax assets that are recorded in the Consolidated Balance Sheets were as follows: (in thousands) February 28, 2017 August 31, 2016 Current Receivable reserve $ 575 $ 531 Deferred rent 973 1,022 Other 1,145 1,605 Net current deferred tax assets $ 2,693 $ 3,158 Non-current Depreciation on property, equipment and leasehold improvements $ 6,747 $ 5,194 Deferred rent 10,462 9,626 Stock-based compensation 16,156 19,927 Purchased intangible assets, including acquired technology (27,472 ) (24,645 ) Other 2,969 3,304 Net non-current deferred tax assets $ 8,862 $ 13,406 Total deferred tax assets $ 11,555 $ 16,564 The significant components of deferred tax liabilities that are recorded in the Consolidated Balance Sheets were as follows: (in thousands) February 28, 2017 August 31, 2016 Current Other $ 767 $ 291 Net current deferred tax liabilities $ 767 $ 291 Non-current Stock-based compensation $ (592 ) $ — Depreciation on property, equipment and leasehold improvements (388 ) — Purchased intangible assets, including acquired technology 4,031 1,666 Other (104 ) 42 Net non-current deferred tax liabilities $ 2,947 $ 1,708 Total deferred tax liabilities $ 3,714 $ 1,999 No U.S. income taxes have been provided on filing-basis undistributed foreign earnings and profits as of February 28, 2017, may may may Unrecognized Tax Positions Applicable accounting guidance prescribes a comprehensive model for the financial statement recognition, measurement, classification and disclosure of uncertain tax positions that a company has taken or expects to take on a tax return. A company can recognize the financial effect of an income tax position only if it is more likely than not (greater than 50%) fifty As of February 28, 2017, $10.0 $1.7 N on-current taxes payable may 12 12 The following table summarizes the changes in the balance of gross unrecognized tax benefits during the first six 2017: (in thousands) Unrecognized income tax benefits at August 31, 2016 $ 8,782 Additions based on tax positions related to the current year 903 Additions for tax positions of prior years 344 Statute of limitations lapse — Unrecognized income tax benefits at February 28, 2017 $ 10,029 In the normal course of business, the Company’s tax filings are subject to audit by federal, state and foreign tax authorities. At February 28, 2017, Major Tax Jurisdictions Open Tax Years U.S. Federal 2013 through 2017 State (various) 2010 through 2017 Europe France 2013 through 2017 United Kingdom 2012 through 2017 |
Note 17 - Long-term Debt
Note 17 - Long-term Debt | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 17. FactSet’s debt obligations consisted of the following: (in thousands) February 28, 2017 August 31, 2016 2015 Revolving Credit Facility $ 365,000 $ 300,000 Total Outstanding Debt $ 365,000 $ 300,000 On February 6, 2015, “2015 2015 $35.0 “2015 2015 $265.0 $25.0 February 6, 2015, $35.0 2015 0.50%. On September 21, 2015, 2015 $265.0 October 16, 2015. $400.0 $25.0 0.75%. On October 26, 2016, 2015 $65.0 0.75%. 2015 one $365.0 February 28, 2017) September 21, 2018. On March 17, 2017, “2017 2017 2015 March 17, 2017. $365.0 19, Subsequent Events 2017 All outstanding loan amounts are reported as Long-term debt February 28, 2017. three February 28, 2017 February 29, 2016, $1.3 $0.9 six February 28, 2017 February 29, 2016, $2.4 $1.3 As of February 28, 2017, no 2015 2015 $0.1 The 2015 In addition, the 2015 2015 February 28, 2017. |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 18 . COMMITMENTS AND CONTINGENCIES Commitments represent obligations, such as those for future purchases of goods or services that are not yet recorded on the balance sheet as liabilities. FactSet records liabilities for commitments when incurred ( i.e. Lease Commitments At February 28, 2017, 202,000 2017, 1,142,000 February 28, 2017, 70,000 6.5%, August 31, 2016. 2, Properties 10 August 31, 2016. 2031. February 28, 2017 Total minimum rental payments associated with the leases are recorded as rent expense (a component of SG&A February 28, 2017 Years ended August 31, (in thousands) Minimum Lease Payments 2017 (remaining six months) $ 16,857 2018 34,912 2019 32,665 2020 26,362 2021 20,533 Thereafter 153,874 Total $ 285,203 Rent expense (including operating costs) for all operating leases amounted to $11.5 $10.6 three February 28, 2017 February 29, 2016, $22.9 $20.9 six February 28, 2017 February 29, 2016, February 28, 2017 and August 31, 2016, $36.6 $34.4 $33.8 $31.2 Deferred Rent and Other Non-Current Liabilities Approximately $1.9 February 28, 2017 . These standby letters of credit contain covenants that, among other things, require FactSet to maintain minimum levels of consolidated net worth and certain leverage and fixed charge ratios. As of February 28, 2017 , FactSet was in compliance with all covenants contained in the standby letters of credit. Purchase Commitments with Suppliers Purchase obligations represent payments due in future periods in respect of commitments to the Company’s various data vendors as well as commitments to purchase goods and services such as telecommunication and computer maintenance services. These purchase commitments are agreements that are enforceable and legally binding on FactSet and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. At August 31, 2016, $67.5 first six 2017. Contingencies Income Taxes Uncertain income tax positions are accounted for in accordance with applicable accounting guidance (see Note 16). may Legal Matters FactSet accrues non income-tax liabilities for contingencies when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. The Company is subject to legal proceedings, claims and litigation arising in the ordinary course of business, including intellectual property litigation. Based on information available at February 28, 2017, Indemnifications As permitted or required under Delaware law and to the maximum extent allowable under that law, FactSet has certain obligations to indemnify its current and former officers and directors for certain events or occurrences while the officer or director is, or was serving, at FactSet’s request in such capacity. These indemnification obligations are valid as long as the director or officer acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the Company, and with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The maximum potential amount of future payments FactSet could be required to make under these indemnification obligations is unlimited; however, FactSet has a director and officer insurance policy that it believes mitigates FactSet's exposure and may Concentrations of Credit Risk Cash equivalents Cash and cash equivalents are maintained primarily with four may may Accounts Receivable Accounts receivable are unsecured and derived from revenues earned from clients located around the globe. FactSet does not require collateral from its clients but performs credit evaluations on an ongoing basis. The Company maintains reserves for potential write-offs and evaluates the adequacy of the reserves periodically. These losses have historically been within expectations. No single client represented 10% February 28, 2017, 2% ten 15% August 31, 2016. February 28, 2017 $1.7 $1.5 August 31, 2016 . Derivative Instruments As a result of the use of derivative instruments, the Company is exposed to counterparty credit risk. FactSet has incorporated counterparty risk into the fair value of its derivative assets and its own credit risk into the value of the Company’s derivative liabilities. FactSet calculates credit risk from observable data related to CDS as quoted by publicly available information. Counterparty risk is represented by CDS spreads related to the senior secured debt of the respective bank with whom FactSet has executed these derivative transactions. Because CDS spread information is not available for FactSet, the Company’s credit risk is determined based on using a simple average of CDS spreads for peer companies as determined by FactSet. To mitigate counterparty credit risk, FactSet enters into contracts with large financial institutions and regularly reviews credit exposure balances as well as the creditworthiness of the counterparties. |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19 . SUBSEQUENT EVENTS BI-SAM Technologies On March 17, 2017, $205.2 160 The Company expects the majority of the purchase price to be allocated to goodwill and acquired intangible assets. The pro forma financials that may 10 201 7 Credit Agreement On March 17, 2017, 2017 2017 $575.0 “2017 may 2017 March 17, 2020. 2017 $225.0 $25.0 1.00%. In conjunction with FactSet’s entrance into the 2017 $575.0 2017 Proceeds from the borrowing were used to fund FactSet’s acquisition of BISAM and retire all outstanding debt under the 2015 Departure of Executive Vice President, Global Director of Sales On April 7, 2017, from the Company, to be effective on April 21, 2017, April 9, 2017 six 2017 December 31, 2017; January 21, 2018; 10.1 10 |
Note 4 - Fair Value Measures (T
Note 4 - Fair Value Measures (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at February 28, 2017 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 15,355 $ — $ — $ 15,355 Mutual funds (2) — 11,240 — 11,240 Certificates of deposit ( 3 ) — 18,763 — 18,763 Derivative instruments (4 ) — 2,817 — 2,817 Total assets measured at fair value $ 15,355 $ 32,820 $ — $ 48,175 Liabilities Derivative instruments ( 4 ) $ — $ 1,813 $ — $ 1,813 Total liabilities measured at fair value $ — $ 1,813 $ — $ 1,813 Fair Value Measurements at August 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets Corporate money market funds (1) $ 92,765 $ — $ — $ 92,765 Certificates of deposit ( 3 ) — 24,217 — 24,217 Derivative instruments ( 4 ) — 869 — 869 Total assets measured at fair value $ 92,765 $ 25,086 $ — $ 117,851 Liabilities Derivative instruments ( 4 ) $ — $ 2,791 $ — $ 2,791 Total liabilities measured at fair value $ — $ 2,791 $ — $ 2,791 |
Note 5 - Derivative Instrumen28
Note 5 - Derivative Instruments (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | (in thousands) Gross Notional Value Fair Value (Liability) Asset Currency Hedged (in U.S. dollars) February 28, 2017 August 31, 2016 February 28, 2017 August 31, 2016 British Pound Sterling $ 16,369 $ 33,280 $ (1,813 ) $ (2,791 ) Indian Rupee 62,960 58,410 2,817 869 Total $ 79,329 $ 91,690 $ 1,004 $ (1,922 ) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | (in thousands) Designation of Derivatives Balance Sheet Location February 28, 2017 August 31, 2016 Derivatives designated as hedging instruments Assets: Foreign Currency Forward Contracts Prepaid expenses and other current assets $ 1,103 $ 163 Other assets $ 1,714 $ 706 Liabilities: Foreign Currency Forward Contracts Accounts payable and accrued expenses $ 1,813 $ 2,791 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) Gain (Loss) Recognized in AOCL on Derivatives Location of Loss into Income (Effective Portion) Loss Reclassified Derivatives in Cash Flow Hedging Relationships 2017 2016 2017 2016 Foreign currency forward contracts $ 1,188 $ (2,891 ) SG&A $ (1,030 ) $ (4 ) (in thousands) Gain (Loss) Recognized in AOCL on Derivatives Location of Loss into Income (Effective Portion) (Loss) Gain Reclassified Derivatives in Cash Flow Hedging Relationships 2017 2016 2017 2016 Foreign currency forward contracts $ 539 $ (3,496 ) SG&A $ (2,387 ) $ 52 |
Note 6 - Other Comprehensive 29
Note 6 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | February 28, 2017 February 29, 2016 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ 861 $ 861 $ (10,364 ) $ (10,364 ) Realized loss on cash flow hedges reclassified to earnings (1) 1,030 651 4 3 Unrealized gain (loss) on cash flow hedges recognized in AOCL 1,188 750 (2,891 ) (1,822 ) Other comprehensive income (loss) $ 3,081 $ 2,262 $ (13,251 ) $ (12,183 ) February 28, 2017 February 29, 2016 (in thousands) Pre-tax Net of tax Pre-tax Net of tax Foreign currency translation adjustments $ (10,636 ) $ (10,636 ) $ (16,750 ) $ (16,750 ) Realized loss (gain) on cash flow hedges reclassified to earnings (1) 2,387 1,508 (52 ) (32 ) Unrealized gain (loss) on cash flow hedges recognized in AOCL 539 340 (3,496 ) (2,204 ) Other comprehensive loss $ (7,708 ) $ (8,788 ) $ (20,298 ) $ (18,986 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (in thousands) February 28, 2017 August 31, 2016 Accumulated unrealized gains (losses) on cash flow hedges, net of tax $ 633 $ (1,215 ) Accumulated foreign currency translation adjustments (77,974 ) (67,338 ) Total accumulated other comprehensive loss $ (77,341 ) $ (68,553 ) |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the three months ended February 28, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 191,629 $ 76,273 $ 26,452 $ 294,354 Segment operating profit 36,188 39,932 15,625 91,746 Total assets 675,830 291,643 94,356 1,061,829 Capital expenditures 3,976 170 1,363 5,509 For the three months ended February 29, 2016 U.S. Europe Asia Pacific Total Revenues from clients $ 189,653 $ 68,976 $ 23,167 $ 281,796 Segment operating profit 40,297 31,450 13,597 85,344 Total assets 705,898 239,687 76,120 1,021,705 Capital expenditures 10,180 483 1,390 12,053 For the six months ended February 28, 2017 U.S. Europe Asia Pacific Total Revenues from clients $ 382,256 $ 148,136 $ 52,025 $ 582,417 Segment operating profit 76,192 76,516 29,355 182,065 Capital expenditures 15,100 661 2,285 18,046 For the six months ended February 29, 2016 U.S. Europe Asia Pacific Total Revenues from clients $ 371,897 $ 135,955 $ 44,448 $ 552,300 Segment operating profit 85,459 62,232 24,961 172,652 Capital expenditures 23,072 1,268 2,098 26,438 |
Note 8 - Business Combinations
Note 8 - Business Combinations (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (i n thousands ) Tangible assets acquired $ 8,242 Amortizable intangible assets Software technology 10,916 Client relationships 5,954 Non-compete agreements 806 Trade name 571 Goodwill 50,832 Total assets acquired $ 77,321 Liabilities assumed (9,434 ) Net assets acquired $ 67,887 (i n thousands ) Tangible assets acquired $ 9,656 Amortizable intangible assets Software technology 43,000 Client relationships 27,000 Non-compete agreements 3,500 Trade name 2,000 Goodwill 187,378 Total assets acquired $ 272,534 Liabilities assumed (8,951 ) Net assets acquired $ 263,583 |
Note 10 - Goodwill (Tables)
Note 10 - Goodwill (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (i n thousands ) U.S. Europe Asia Pacific Total Balance at August 31, 2016 $ 367,480 $ 82,280 $ 3,155 $ 452,915 Goodwill acquired during the period — 57,023 — 57,023 Foreign currency translations — (2,867 ) (239 ) (3,106 ) Balance at February 28, 2017 $ 367,480 $ 136,436 $ 2,916 $ 506,832 |
Note 11 - Intangible Assets (Ta
Note 11 - Intangible Assets (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | At February 28, 2017 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 32,691 $ 17,168 $ 15,523 Client relationships 51,455 18,352 33,103 Software technology 74,826 24,519 50,307 Non-compete agreements 5,153 1,490 3,663 Trade names 3,337 1,238 2,099 Total $ 167,462 $ 62,767 $ 104,695 At August 31, 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Data content $ 34,167 $ 16,758 $ 17,409 Client relationships 45,185 16,480 28,705 Software technology 62,560 20,545 42,015 Non-compete agreements 4,344 1,118 3,226 Trade names 2,728 922 1,806 Total $ 148,984 $ 55,823 $ 93,161 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Fiscal Year (in thousands) Estimated Amortization Expense 2017 (remaining six months) $ 8,352 2018 15,960 2019 15,043 2020 14,389 2021 12,921 Thereafter 38,030 Total $ 104,695 |
Note 12 - Common Stock and Ea34
Note 12 - Common Stock and Earnings Per Share (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Six Months ended (i n thousands) February 28, 2017 February 29, 2016 Balance at September 1 40,038 41,317 Common stock issued for employee stock plans 506 420 Repurchase of common stock from employees (1) (37 ) (14 ) Repurchase of common stock under the share repurchase program (985 ) (715 ) Repurchase of common stock under accelerated share repurchase agreement (103 ) — Balance at February 28, 2017 and February 29, 2016, respectively 39,419 41,008 |
Schedule of Weighted Average Number of Shares [Table Text Block] | (in thousands, except per share data) Net Income (Numerator) Weighted Average Common Shares (Denominator) Per Share Amount For the three months ended February 28, 2017 Basic EPS Income available to common stockholders $ 66,710 39,489 $ 1.69 Diluted EPS Dilutive effect of stock options and restricted stock 211 Income available to common stockholders plus assumed conversions $ 66,710 39,700 $ 1.68 For the three months ended February 29, 2016 Basic EPS Income available to common stockholders $ 67,763 41,117 $ 1.65 Diluted EPS Dilutive effect of stock options and restricted stock 419 Income available to common stockholders plus assumed conversions $ 67,763 41,536 $ 1.63 For the six months ended February 28, 2017 Basic EPS Income available to common stockholders $ 133,293 39,659 $ 3.36 Diluted EPS Dilutive effect of stock options and restricted stock 241 Income available to common stockholders plus assumed conversions $ 133,293 39,900 $ 3.34 For the six months ended February 29, 2016 Basic EPS Income available to common stockholders $ 127,727 41,252 $ 3.10 Diluted EPS Dilutive effect of stock options and restricted stock 547 Income available to common stockholders plus assumed conversions $ 127,727 41,799 $ 3.06 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Declaration Date Dividends Per Type Record Date Total $ Amount (in thousands) Payment Date February 6, 2017 $ 0.50 Regular (cash) February 28, 2017 $ 19,709 March 21, 2017 November 10, 2016 $ 0.50 Regular (cash) November 30, 2016 $ 19,852 December 20, 2016 August 5, 2016 $ 0.50 Regular (cash) August 31, 2016 $ 20,019 September 20, 2016 May 6, 2016 $ 0.50 Regular (cash) May 31, 2016 $ 20,171 June 21, 2016 February 5, 2016 $ 0.44 Regular (cash) February 29, 2016 $ 18,044 March 15, 2016 November 6, 2015 $ 0.44 Regular (cash) November 30, 2015 $ 18,208 December 15, 2015 August 10, 2015 $ 0.44 Regular (cash) August 31, 2015 $ 18,179 September 15, 2015 |
Note 14 - Employee Stock Opti36
Note 14 - Employee Stock Option and Retirement Plans (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | (in thousands, except per share data) Number Outstanding Weighted Average Exercise Price Per Share Balance at August 31, 2016 3,364 $ 129.54 Granted – non performance-based 671 $ 152.28 Granted – performance-based 23 $ 159.45 Exercised (199 ) $ 74.56 Forfeited (26 ) $ 147.22 Balance at November 30, 2016 3,833 $ 136.43 Granted – performance-based 62 $ 169.16 Granted – non-employee Directors grant 24 $ 170.24 Exercised (170 ) $ 89.62 Forfeited (50 ) $ 141.50 Balance at February 28, 2017 3,699 $ 139.27 |
Schedule of Share-based Compensation Vesting Percentage and Related Expenses [Table Text Block] | Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% $ (619 ) — 10% $ (464 ) $ 145 40% (current expectation) — $ 581 70% $ 464 $ 1,017 100% $ 928 $ 1,453 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) — — 50% $ 3,369 $ 8,881 70% $ 4,716 $ 12,434 100% $ 6,738 $ 17,762 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) — — 50% $ 58 $ 442 70% $ 82 $ 618 100% $ 116 $ 884 Vesting Percentage (in thousands) Cumulative Catch-up Adjustment* Remaining Expense to be Recognized 0% (current expectation) — — 100% $ 68 $ 2,637 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | (in thousands, except per award data) Number Outstanding Weighted Average Grant Date Fair Value Per Award Balance at August 31, 2016 262 $ 126.27 Granted 5 $ 151.63 Vested (1) (95 ) $ 112.70 Balance at November 30, 2016 172 $ 134.02 Granted 8 $ 161.31 Forfeited (3 ) $ 114.42 Vested (2) (6 ) $ 105.91 Balance at February 28, 2017 171 $ 136.65 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | (in thousands) Share-based Awards Available for Grant under the Employee Option Plan Share-based Awards Available for Grant under the Non-Employee Directors Plan Balance at August 31, 2016 1,491 66 Granted – non performance-based options (671 ) — Granted – performance-based options (23 ) — Granted – restricted stock awards (1) (12 ) — Share-based awards canceled/forfeited (2) 29 — Balance at November 30, 2016 814 66 Granted – non performance-based options — (24 ) Granted – performance-based options (62 ) — Granted – restricted stock awards (1) (20 ) — Share-based awards canceled/forfeited (2) 56 — Balance at February 28, 2017 788 42 |
Note 15 - Stock-based Compens37
Note 15 - Stock-based Compensation (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended February 28, 2017 February 29, 2016 Term structure of risk-free interest rate 0.49% - 1.89% 0.16% - 2.12% Expected life (years) 7.4 7.4 Term structure of volatility 21% - 29% 21% - 30% Dividend yield 1.18% 1.07% Weighted average estimated fair value $43.81 $40.51 Weighted average exercise price $169.16 $150.81 Fair value as a percentage of exercise price 25.9% 26.9% Six months ended February 28, 2017 February 29, 2016 Term structure of risk-free interest rate 0.07% - 2.09% 0.07% - 2.12% Expected life (years) 7.4 7.8 Term structure of volatility 21% - 30% 21% - 30% Dividend yield 1.18% 1.07% Weighted average estimated fair value $39.95 $46.59 Weighted average exercise price $153.87 $170.13 Fair value as a percentage of exercise price 26.0% 27.4% |
The 2008 Employee Stock Purchase Plan [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended February 28, 2017 February 29, 2016 Risk-free interest rate 0.51 % 0.26 % Expected life (months) 3 3 Expected volatility 7.8 % 12.5 % Dividend yield 1.25 % 1.03 % Weighted average estimated fair value $ 25.88 $ 29.54 Six months ended February 28, 2017 February 29, 2016 Risk-free interest rate 0.44 % 0.17 % Expected life (months) 3 3 Expected volatility 8.9 % 11.4 % Dividend yield 1.19 % 1.08 % Weighted average estimated fair value $ 27.85 $ 27.73 |
Non Employee Directors Stock Option Plan [Member] | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free interest rate 1.95 % Expected life (years) 5.4 Expected volatility 22.7 % Dividend yield 1.24 % Risk-free interest rate 1.62 % Expected life (years) 5.4 Expected volatility 23.0 % Dividend yield 1.05 % |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Three months ended Six months ended (in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 U.S. operations $ 34,661 $ 66,375 $ 94,863 $ 137,274 Non-U.S. operations 54,829 18,544 84,447 35,047 Income before income taxes $ 89,490 $ 84,919 $ 179,310 $ 172,321 U.S. operations $ 12,545 $ 13,704 $ 30,598 $ 37,776 Non-U.S. operations 10,235 3,453 15,419 6,818 Total provision for income taxes $ 22,780 $ 17,157 $ 46,017 $ 44,594 Effective tax rate 25.5 % 20.2% (1) 25.7 % 25.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) February 28, 2017 August 31, 2016 Current Receivable reserve $ 575 $ 531 Deferred rent 973 1,022 Other 1,145 1,605 Net current deferred tax assets $ 2,693 $ 3,158 Non-current Depreciation on property, equipment and leasehold improvements $ 6,747 $ 5,194 Deferred rent 10,462 9,626 Stock-based compensation 16,156 19,927 Purchased intangible assets, including acquired technology (27,472 ) (24,645 ) Other 2,969 3,304 Net non-current deferred tax assets $ 8,862 $ 13,406 Total deferred tax assets $ 11,555 $ 16,564 (in thousands) February 28, 2017 August 31, 2016 Current Other $ 767 $ 291 Net current deferred tax liabilities $ 767 $ 291 Non-current Stock-based compensation $ (592 ) $ — Depreciation on property, equipment and leasehold improvements (388 ) — Purchased intangible assets, including acquired technology 4,031 1,666 Other (104 ) 42 Net non-current deferred tax liabilities $ 2,947 $ 1,708 Total deferred tax liabilities $ 3,714 $ 1,999 |
Summary of Income Tax Contingencies [Table Text Block] | (in thousands) Unrecognized income tax benefits at August 31, 2016 $ 8,782 Additions based on tax positions related to the current year 903 Additions for tax positions of prior years 344 Statute of limitations lapse — Unrecognized income tax benefits at February 28, 2017 $ 10,029 |
Summary of Income Tax Examinations [Table Text Block] | Major Tax Jurisdictions Open Tax Years U.S. Federal 2013 through 2017 State (various) 2010 through 2017 Europe France 2013 through 2017 United Kingdom 2012 through 2017 |
Note 17 - Long-term Debt (Table
Note 17 - Long-term Debt (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) February 28, 2017 August 31, 2016 2015 Revolving Credit Facility $ 365,000 $ 300,000 Total Outstanding Debt $ 365,000 $ 300,000 |
Note 18 - Commitments and Con40
Note 18 - Commitments and Contingencies (Tables) | 6 Months Ended |
Feb. 28, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ended August 31, (in thousands) Minimum Lease Payments 2017 (remaining six months) $ 16,857 2018 34,912 2019 32,665 2020 26,362 2021 20,533 Thereafter 153,874 Total $ 285,203 |
Note 4 - Fair Value Measures (D
Note 4 - Fair Value Measures (Details Textual) - USD ($) $ in Millions | Feb. 28, 2017 | Aug. 31, 2016 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Long-term Debt, Fair Value | $ 365 | $ 300 |
Note 4 - Fair Value Measures -
Note 4 - Fair Value Measures - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Feb. 28, 2017 | Aug. 31, 2016 | |
Derivative instruments | [1] | $ 2,817 | $ 869 |
Total assets measured at fair value | 48,175 | 117,851 | |
Derivative instruments | [1] | 1,813 | 2,791 |
Total liabilities measured at fair value | 1,813 | 2,791 | |
Money Market Funds [Member] | |||
Corporate money market funds | [2] | 15,355 | 92,765 |
Mutual Funds [Member] | |||
Mutual funds (2) | [3] | 11,240 | |
Certificates of Deposit [Member] | |||
Mutual funds (2) | [4] | 18,763 | |
Certificates of deposit | [4] | 24,217 | |
Fair Value, Inputs, Level 1 [Member] | |||
Derivative instruments | [1] | ||
Total assets measured at fair value | 15,355 | 92,765 | |
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | 15,355 | 92,765 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | |||
Mutual funds (2) | [3] | ||
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | |||
Mutual funds (2) | [4] | ||
Certificates of deposit | [4] | ||
Fair Value, Inputs, Level 2 [Member] | |||
Derivative instruments | [1] | 2,817 | 869 |
Total assets measured at fair value | 32,820 | 25,086 | |
Derivative instruments | [1] | 1,813 | 2,791 |
Total liabilities measured at fair value | 1,813 | 2,791 | |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | |||
Mutual funds (2) | [3] | 11,240 | |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | |||
Mutual funds (2) | [4] | 18,763 | |
Certificates of deposit | [4] | 24,217 | |
Fair Value, Inputs, Level 3 [Member] | |||
Derivative instruments | [1] | ||
Total assets measured at fair value | |||
Derivative instruments | [1] | ||
Total liabilities measured at fair value | |||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | |||
Corporate money market funds | [2] | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | |||
Mutual funds (2) | [3] | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | |||
Mutual funds (2) | [4] | ||
Certificates of deposit | [4] | ||
[1] | The Company utilizes the income approach to measure fair value for its derivative instruments (foreign currency forward contracts). The income approach uses pricing models that rely on market observable inputs such as spot, forward and interest rates, as well as credit default swap spreads and therefore are classified as Level 2. | ||
[2] | The Company's corporate money market funds are traded in an active market and the net asset value of each fund on the last day of the quarter is used to determine its fair value. As such, the Company's corporate money market funds are classified as Level 1 and included in cash and cash equivalents on the Consolidated Balance Sheets. | ||
[3] | The Company's mutual funds have a fair value based on the fair value of the underlying investments held by the mutual funds allocated to each share of the mutual fund using a net asset value approach. The fair value of the underlying investments is based on observable inputs. As such, the Company's mutual funds are classified as Level 2 and are classified as investments (short-term) on the Consolidated Balance Sheets. | ||
[4] | The Company's certificates of deposit held for investment are not debt securities and are classified as Level 2. These certificates of deposit have original maturities greater than three months, but less than one year and, as such, are classified as investments (short-term) on the Consolidated Balance Sheets. |
Note 5 - Derivative Instrumen43
Note 5 - Derivative Instruments (Details Textual) $ in Thousands, £ in Millions, ₨ in Billions | 6 Months Ended | |||
Feb. 28, 2017USD ($) | Feb. 28, 2017GBP (£) | Feb. 28, 2017INR (₨) | Aug. 31, 2016USD ($) | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Asset, Notional Amount | $ 79,329 | £ 11.7 | ₨ 4.6 | $ 91,690 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 700 | |||
United Kingdom, Pounds | ||||
Percent of Foreign Exchange Contracts Hedged | 50.00% | |||
United Kingdom, Pounds | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Asset, Notional Amount | $ 16,369 | 33,280 | ||
India, Rupees | ||||
Percent of Foreign Exchange Contracts Hedged | 75.00% | |||
India, Rupees | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Asset, Notional Amount | $ 62,960 | $ 58,410 |
Note 5 - Derivative Instrumen44
Note 5 - Derivative Instruments - Hedging Positions and Corresponding Fair Values (Details) - Designated as Hedging Instrument [Member] - Foreign Exchange Contract [Member] - Cash Flow Hedging [Member] $ in Thousands, £ in Millions, ₨ in Billions | Feb. 28, 2017USD ($) | Feb. 28, 2017GBP (£) | Feb. 28, 2017INR (₨) | Aug. 31, 2016USD ($) |
Gross Notional Value | $ 79,329 | £ 11.7 | ₨ 4.6 | $ 91,690 |
Fair Value Asset (Liability) | 1,004 | (1,922) | ||
United Kingdom, Pounds | ||||
Gross Notional Value | 16,369 | 33,280 | ||
Fair Value Asset (Liability) | (1,813) | (2,791) | ||
India, Rupees | ||||
Gross Notional Value | 62,960 | 58,410 | ||
Fair Value Asset (Liability) | $ 2,817 | $ 869 |
Note 5 - Derivative Instrumen45
Note 5 - Derivative Instruments - Fair Value Amounts of Derivative Instruments and Gains (Details) - Foreign Exchange Contract [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Feb. 28, 2017 | Aug. 31, 2016 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative assets | $ 1,103 | $ 163 |
Other Assets [Member] | ||
Derivative assets | 1,714 | 706 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative liabilities | $ 1,813 | $ 2,791 |
Note 5 - Derivative Instrumen46
Note 5 - Derivative Instruments - Derivatives in Cash Flow Hedging Relationships (Details) - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - Foreign Exchange Contract [Member] - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Foreign currency forward contracts | $ 1,188 | $ (2,891) | $ 539 | $ (3,496) |
Foreign currency forward contracts | $ (1,030) | $ (4) | $ (2,387) | $ 52 |
Note 6 - Other Comprehensive (L
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss - Reclassified Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | ||
Foreign currency translation adjustments | $ 861 | $ (10,364) | $ (10,636) | $ (16,750) | |
Foreign currency translation adjustments | 861 | (10,364) | (10,636) | (16,750) | |
Realized loss (gain) on cash flow hedges reclassified to earnings | [1] | 1,030 | 4 | 2,387 | (52) |
Realized loss (gain) on cash flow hedges reclassified to earnings | [1] | 651 | 3 | 1,508 | (32) |
Unrealized gain (loss) on cash flow hedges recognized in AOCL | 1,188 | (2,891) | 539 | (3,496) | |
Unrealized gain (loss) on cash flow hedges recognized in AOCL | 750 | (1,822) | 340 | (2,204) | |
Other comprehensive income (loss) | 3,081 | (13,251) | (7,708) | (20,298) | |
Other comprehensive income (loss) | $ 2,262 | $ (12,183) | $ (8,788) | $ (18,986) | |
[1] | Reclassified to Selling, General and Administrative Expenses |
Note 6 - Other Comprehensive 48
Note 6 - Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Feb. 28, 2017 | Aug. 31, 2016 |
Accumulated unrealized gains (losses) on cash flow hedges, net of tax | $ 633 | $ (1,215) |
Accumulated foreign currency translation adjustments | (77,974) | (67,338) |
Total accumulated other comprehensive loss | $ (77,341) | $ (68,553) |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) - USD ($) $ in Thousands | Feb. 28, 2017 | Aug. 31, 2016 |
Goodwill | $ 506,832 | $ 452,915 |
UNITED STATES | ||
Goodwill | $ 367,480 | 367,480 |
Goodwill Percentage Per Segment | 72.00% | |
Europe [Member] | ||
Goodwill | $ 136,436 | 82,280 |
Goodwill Percentage Per Segment | 27.00% | |
Asia Pacific [Member] | ||
Goodwill | $ 2,916 | $ 3,155 |
Goodwill Percentage Per Segment | 1.00% |
Note 7 - Segment Information -
Note 7 - Segment Information - Results of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | Aug. 31, 2016 | |
Revenues from clients | $ 294,354 | $ 281,796 | $ 582,417 | $ 552,300 | |
Segment operating profit | 91,746 | 85,344 | 182,065 | 172,652 | |
Total assets | 1,061,829 | 1,021,705 | 1,061,829 | 1,021,705 | $ 1,019,161 |
Capital expenditures | 5,509 | 12,053 | 18,046 | 26,438 | |
UNITED STATES | |||||
Revenues from clients | 191,629 | 189,653 | 382,256 | 371,897 | |
Segment operating profit | 36,188 | 40,297 | 76,192 | 85,459 | |
Total assets | 675,830 | 705,898 | 675,830 | 705,898 | |
Capital expenditures | 3,976 | 10,180 | 15,100 | 23,072 | |
Europe [Member] | |||||
Revenues from clients | 76,273 | 68,976 | 148,136 | 135,955 | |
Segment operating profit | 39,932 | 31,450 | 76,516 | 62,232 | |
Total assets | 291,643 | 239,687 | 291,643 | 239,687 | |
Capital expenditures | 170 | 483 | 661 | 1,268 | |
Asia Pacific [Member] | |||||
Revenues from clients | 26,452 | 23,167 | 52,025 | 44,448 | |
Segment operating profit | 15,625 | 13,597 | 29,355 | 24,961 | |
Total assets | 94,356 | 76,120 | 94,356 | 76,120 | |
Capital expenditures | $ 1,363 | $ 1,390 | $ 2,285 | $ 2,098 |
Note 8 - Business Combination51
Note 8 - Business Combinations (Details Textual) $ in Thousands | Nov. 08, 2016USD ($) | Oct. 16, 2015USD ($) | Nov. 30, 2016USD ($) | Feb. 28, 2017USD ($) | Aug. 31, 2016USD ($) |
Goodwill, Acquired During Period | $ 57,023 | ||||
Vermilion Holdings Limited [Member] | |||||
Business Combination, Consideration Transferred | $ 67,900 | ||||
Entity Number of Employees | 59 | ||||
Finite-lived Intangible Assets Acquired | $ 18,200 | ||||
Goodwill, Acquired During Period | $ 50,800 | ||||
Vermilion Holdings Limited [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Vermilion Holdings Limited [Member] | Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||||
Vermilion Holdings Limited [Member] | Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||
Vermilion Holdings Limited [Member] | Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||
Vermilion Holdings Limited [Member] | Selling, General and Administrative Expenses [Member] | |||||
Business Combination, Acquisition Related Costs | $ 700 | ||||
Portware LLC [Member] | |||||
Business Combination, Consideration Transferred | $ 263,600 | ||||
Entity Number of Employees | 166 | ||||
Business Combination, Acquisition Related Costs | $ 700 | ||||
Finite-lived Intangible Assets Acquired | $ 75,500 | ||||
Goodwill, Acquired During Period | $ 187,400 | ||||
Goodwill Percentage Per Segment | 77.00% | ||||
Portware LLC [Member] | Customer Relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||||
Portware LLC [Member] | Computer Software, Intangible Asset [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||
Portware LLC [Member] | Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||
Portware LLC [Member] | Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Note 8 - Business Combination52
Note 8 - Business Combinations - Business Acquired (Details) - USD ($) $ in Thousands | Feb. 28, 2017 | Nov. 08, 2016 | Sep. 23, 2016 | Aug. 31, 2016 |
Goodwill | $ 506,832 | $ 452,915 | ||
Vermilion Holdings Limited [Member] | ||||
Tangible assets acquired | $ 8,242 | |||
Goodwill | 50,832 | |||
Total assets acquired | 77,321 | |||
Liabilities assumed | (9,434) | |||
Net assets acquired | 67,887 | |||
Vermilion Holdings Limited [Member] | Computer Software, Intangible Asset [Member] | ||||
Amortizable intangible assets | 10,916 | |||
Vermilion Holdings Limited [Member] | Customer Relationships [Member] | ||||
Amortizable intangible assets | 5,954 | |||
Vermilion Holdings Limited [Member] | Noncompete Agreements [Member] | ||||
Amortizable intangible assets | 806 | |||
Vermilion Holdings Limited [Member] | Trade Names [Member] | ||||
Amortizable intangible assets | $ 571 | |||
Portware LLC [Member] | ||||
Tangible assets acquired | $ 9,656 | |||
Goodwill | 187,378 | |||
Total assets acquired | 272,534 | |||
Liabilities assumed | (8,951) | |||
Net assets acquired | 263,583 | |||
Portware LLC [Member] | Computer Software, Intangible Asset [Member] | ||||
Amortizable intangible assets | 43,000 | |||
Portware LLC [Member] | Customer Relationships [Member] | ||||
Amortizable intangible assets | 27,000 | |||
Portware LLC [Member] | Noncompete Agreements [Member] | ||||
Amortizable intangible assets | 3,500 | |||
Portware LLC [Member] | Trade Names [Member] | ||||
Amortizable intangible assets | $ 2,000 |
Note 9 - Dispositions (Details
Note 9 - Dispositions (Details Textual) - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - Market Research Business [Member] - USD ($) $ in Millions | Jul. 01, 2016 | Aug. 31, 2016 | Feb. 28, 2017 |
Proceeds from Divestiture of Businesses | $ 165 | ||
Proceeds from Divestiture of Businesses, Bonus Adjustment | $ 9.7 | ||
Gain (Loss) on Disposition of Business, Net of Tax | $ 112.5 | ||
Other Expense [Member] | |||
Gain (Loss) on Disposition of Business, Net of Tax | $ (1.2) |
Note 10 - Goodwill (Details Tex
Note 10 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended |
Aug. 31, 2016USD ($) | Feb. 28, 2017USD ($) | |
Number of Reporting Units | 3 | |
Goodwill, Impairment Loss | $ 0 | |
Goodwill, Acquired During Period | $ 57,023 |
Note 10 - Goodwill - Changes in
Note 10 - Goodwill - Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Thousands | 6 Months Ended |
Feb. 28, 2017USD ($) | |
Begining Balance | $ 452,915 |
Goodwill acquired during the period | 57,023 |
Foreign currency translations | (3,106) |
Ending Balance | 506,832 |
UNITED STATES | |
Begining Balance | 367,480 |
Goodwill acquired during the period | |
Foreign currency translations | |
Ending Balance | 367,480 |
Europe [Member] | |
Begining Balance | 82,280 |
Goodwill acquired during the period | 57,023 |
Foreign currency translations | (2,867) |
Ending Balance | 136,436 |
Asia Pacific [Member] | |
Begining Balance | 3,155 |
Goodwill acquired during the period | |
Foreign currency translations | (239) |
Ending Balance | $ 2,916 |
Note 11 - Intangible Assets (De
Note 11 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 328 days | |||
Amortization of Intangible Assets | $ 4.2 | $ 4.1 | $ 8 | $ 7 |
CYMBA Technologies and Vermilion Holdings Limited [Member] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 255 days | |||
Finite-lived Intangible Assets Acquired | $ 20.3 |
Note 11 - Intangible Assets - I
Note 11 - Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 28, 2017 | Aug. 31, 2016 |
Gross Carrying Amount | $ 167,462 | $ 148,984 |
Accumulated Amortization | 62,767 | 55,823 |
Net Carrying Amount | 104,695 | 93,161 |
Data Content [Member] | ||
Gross Carrying Amount | 32,691 | 34,167 |
Accumulated Amortization | 17,168 | 16,758 |
Net Carrying Amount | 15,523 | 17,409 |
Customer Relationships [Member] | ||
Gross Carrying Amount | 51,455 | 45,185 |
Accumulated Amortization | 18,352 | 16,480 |
Net Carrying Amount | 33,103 | 28,705 |
Computer Software, Intangible Asset [Member] | ||
Gross Carrying Amount | 74,826 | 62,560 |
Accumulated Amortization | 24,519 | 20,545 |
Net Carrying Amount | 50,307 | 42,015 |
Noncompete Agreements [Member] | ||
Gross Carrying Amount | 5,153 | 4,344 |
Accumulated Amortization | 1,490 | 1,118 |
Net Carrying Amount | 3,663 | 3,226 |
Trade Names [Member] | ||
Gross Carrying Amount | 3,337 | 2,728 |
Accumulated Amortization | 1,238 | 922 |
Net Carrying Amount | $ 2,099 | $ 1,806 |
Note 11 - Intangible Assets - E
Note 11 - Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Feb. 28, 2017USD ($) |
2017 (remaining six months) | $ 8,352 |
2,018 | 15,960 |
2,019 | 15,043 |
2,020 | 14,389 |
2,021 | 12,921 |
Thereafter | 38,030 |
Total | $ 104,695 |
Note 12 - Common Stock and Ea59
Note 12 - Common Stock and Earnings Per Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 20, 2017 | Feb. 03, 2017 | Nov. 10, 2016 | Aug. 05, 2016 | May 06, 2016 | Feb. 05, 2016 | Nov. 06, 2015 | Aug. 10, 2015 | Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.50 | |||||||||||
Dividends, Cash | $ 19,700 | $ 19,709 | $ 19,852 | $ 20,019 | $ 20,171 | $ 18,044 | $ 18,208 | $ 18,179 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 37,042 | 13,831 | ||||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 5,700 | $ 2,400 | ||||||||||
Employee Stock Option [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 487,023 | 692,297 | 487,023 | 692,297 | ||||||||
Performance Shares [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 754,561 | 937,089 | 754,561 | 937,089 | ||||||||
Per Annum [Member] | ||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 2 |
Note 12 - Common Stock and Ea60
Note 12 - Common Stock and Earnings Per Share - Shares of Common Stock Outstanding (Details) - shares | Jul. 05, 2016 | Nov. 30, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Balance (in shares) | 40,038,225 | 40,038,225 | 41,317,000 | ||
Common stock issued for employee stock plans (in shares) | 506,000 | 420,000 | |||
Repurchase of common stock (in shares) | (984,822) | (715,000) | |||
Balanc (in shares) | 39,418,826 | 41,008,000 | |||
Repurchase of Common Stock from Employees [Member] | |||||
Repurchase of common stock (in shares) | [1] | (37,000) | (14,000) | ||
Share Repurchase Program [Member] | |||||
Repurchase of common stock (in shares) | (985,000) | (715,000) | |||
ASR Agreement [Member] | |||||
Repurchase of common stock (in shares) | (595,607) | (102,916) | (103,000) | ||
[1] | For the six months ended February 28, 2017 and February 29, 2016, the Company repurchased 37,042 and 13,831 shares, or $5.7 million and $2.4 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. |
Note 12 - Common Stock and Ea61
Note 12 - Common Stock and Earnings Per Share - Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Income available to common stockholders, net income (numerator) | $ 66,710 | $ 67,763 | $ 133,293 | $ 127,727 |
Basic weighted average common shares (in shares) | 39,489 | 41,117 | 39,659 | 41,252 |
Basic earnings per common share (in dollars per share) | $ 1.69 | $ 1.65 | $ 3.36 | $ 3.10 |
Dilutive effect of stock options and restricted stock, weighted average common share (denominator) (in shares) | 211 | 419 | 241 | 547 |
Income available to common stockholders plus assumed conversions, net income (numerator) | $ 66,710 | $ 67,763 | $ 133,293 | $ 127,727 |
Diluted weighted average common shares (in shares) | 39,700 | 41,536 | 39,900 | 41,799 |
Diluted earnings per common share (in dollars per share) | $ 1.68 | $ 1.63 | $ 3.34 | $ 3.06 |
Note 13 - Stockholders' Equit62
Note 13 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 27, 2017 | Jul. 05, 2016 | Jul. 01, 2016 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | Aug. 31, 2016 | Aug. 31, 2015 | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Common Stock, Shares, Issued | 51,658,197 | 51,658,197 | 51,150,978 | ||||||||
Treasury Stock, Shares | 12,239,371 | 12,239,371 | 11,112,753 | ||||||||
Common Stock, Shares, Outstanding | 39,418,826 | 39,418,826 | 41,008,000 | 40,038,225 | 41,317,000 | ||||||
Treasury Stock, Shares, Acquired | 984,822 | 715,000 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 160.4 | $ 113.3 | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 36.5 | $ 36.5 | |||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 37,042 | 13,831 | |||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | ||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | ||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 6,000 | [1] | 95,000 | [2] | 101,234 | 37,079 | |||||
ASR Agreement [Member] | |||||||||||
Treasury Stock, Shares, Acquired | 595,607 | 102,916 | 103,000 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 120 | ||||||||||
Percent of Common Stock to Be Repurchased at Closing Price | 80.00% | ||||||||||
Subsequent Event [Member] | |||||||||||
Stock Repurchase Program, Increase in Authorized Amount | $ 300 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 336.5 | ||||||||||
[1] | Of the 6,357 restricted stock awards that vested during the second quarter of fiscal 2017, 5,150 related to awards granted on February 3, 2014. The remaining 40% of these restricted stock awards cliff vest after five years on February 3, 2019 and are amortized to expense over the vesting period using the straight-line attribution method. The other restricted stock awards that vested related to awards granted in February 2015 in connection with the Code Red acquisition, which vested 100% on February 9, 2017. | ||||||||||
[2] | Of the 94,877 restricted stock awards that vested during the first quarter of fiscal 2017, 73,522 related to awards granted on November 1, 2013. The remaining 40% of these restricted stock awards cliff vest after five years on November 1, 2018 and are amortized to expense over the vesting period using the straight-line attribution method. The other restricted stock awards that vested related primarily to awards granted in November 2015, which vest 20% per year on the anniversary date of the award. |
Note 13 - Stockholders' Equit63
Note 13 - Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 20, 2017 | Feb. 03, 2017 | Nov. 10, 2016 | Aug. 05, 2016 | May 06, 2016 | Feb. 05, 2016 | Nov. 06, 2015 | Aug. 10, 2015 |
Dividends Per Share of Common Stock (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.44 | $ 0.44 | $ 0.44 | |
Record Date | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Aug. 31, 2015 | |
Total $ Amount | $ 19,700 | $ 19,709 | $ 19,852 | $ 20,019 | $ 20,171 | $ 18,044 | $ 18,208 | $ 18,179 |
Payment Date | Mar. 21, 2017 | Dec. 20, 2016 | Sep. 20, 2016 | Jun. 21, 2016 | Mar. 15, 2016 | Dec. 15, 2015 | Sep. 15, 2015 |
Note 14 - Employee Stock Opti64
Note 14 - Employee Stock Option and Retirement Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 03, 2014 | Nov. 01, 2013 | Jan. 31, 2017 | Nov. 30, 2015 | Feb. 28, 2015 | Jul. 31, 2012 | Feb. 28, 2017 | Nov. 30, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2015 | Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 169.16 | $ 150.81 | $ 153.87 | $ 170.13 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,699,000 | 3,833,000 | 3,364,000 | 3,699,000 | 3,699,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 139.27 | $ 136.43 | $ 129.54 | $ 139.27 | $ 139.27 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 83,300 | $ 83,300 | $ 83,300 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 182 days | ||||||||||||||||||
Share Price | $ 177.90 | $ 178.03 | $ 177.90 | $ 177.90 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | 10.00% | 10.00% | ||||||||||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 20,744 | 20,338 | 37,240 | 36,173 | |||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 135.48 | $ 127.92 | $ 135.77 | $ 128.99 | |||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 371,304 | 371,304 | 371,304 | ||||||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 60.00% | ||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||||||||||||||||||
Defined Contribution Plan, Employer Matching Contribution, Vesting Period | 5 years | ||||||||||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 4,600 | $ 4,500 | |||||||||||||||||
The 2004 Stock Option and Award Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 30,500 | $ 33,700 | |||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 169.16 | $ 152.51 | $ 150.81 | ||||||||||||||||
Employee Stock Option [Member] | The 2004 Stock Option and Award Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 755,467 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 153.87 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,698,917 | 3,698,917 | 3,698,917 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 139.27 | $ 139.27 | $ 139.27 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 63,900 | $ 63,900 | $ 63,900 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 219 days | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 900,000 | 1,000,000 | 900,000 | 900,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 103.43 | $ 89.42 | $ 103.43 | $ 103.43 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 68,500 | $ 86,000 | $ 68,500 | $ 68,500 | |||||||||||||||
Employee Stock Option [Member] | The 2004 Stock Option and Award Plan [Member] | Minimum [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||||||||||||||||
Employee Stock Option [Member] | The 2004 Stock Option and Award Plan [Member] | Maximum [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||||||||
Performance Shares [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 241,546 | 61,744 | 22,460 | 530,418 | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 169.16 | $ 159.45 | |||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 200 | $ 200 | $ 200 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 182 days | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 80.00% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 193,256 | ||||||||||||||||||
Performance Shares [Member] | Code Red, Inc. [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 137,522 | ||||||||||||||||||
Performance Shares [Member] | Portware LLC [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,911 | 530,418 | |||||||||||||||||
Performance Shares [Member] | Vermilion Holdings Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 61,744 | ||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Five [Member] | |||||||||||||||||||
One-time Cumulative Adjustment to Stock-based Compensation Upon Change in Vesting Percentage | $ 1,400 | ||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | Code Red, Inc. [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,761 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,000 | $ 1,000 | $ 1,000 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 70.00% | ||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | Portware LLC [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | 40.00% | 0.00% | ||||||||||||||||
One-time Cumulative Adjustment to Stock-based Compensation Upon Change in Vesting Percentage | [1] | ||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | Vermilion Holdings Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | ||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | Code Red, Inc. [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 68,761 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 600 | $ 600 | $ 600 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | Portware LLC [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | 20.00% | 50.00% | ||||||||||||||||
One-time Cumulative Adjustment to Stock-based Compensation Upon Change in Vesting Percentage | [1] | $ 58 | |||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | Vermilion Holdings Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Three [Member] | Portware LLC [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 70.00% | ||||||||||||||||||
One-time Cumulative Adjustment to Stock-based Compensation Upon Change in Vesting Percentage | [1] | $ 82 | |||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Three [Member] | Vermilion Holdings Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Four [Member] | Portware LLC [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||||||||||
One-time Cumulative Adjustment to Stock-based Compensation Upon Change in Vesting Percentage | [1] | $ 116 | |||||||||||||||||
Performance Shares [Member] | Share-based Compensation Award, Tranche Four [Member] | Vermilion Holdings Limited [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 8,000 | 5,000 | 12,927 | 93,120 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 161.31 | $ 151.63 | $ 157.50 | $ 159.46 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 171,000 | 172,000 | 262,000 | 171,000 | 171,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 6,000 | [2] | 95,000 | [3] | 101,234 | 37,079 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share Equivalent | 2.5 | 2.5 | 2.5 | ||||||||||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years | |||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 19,300 | $ 19,300 | $ 19,300 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 36 days | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | 100.00% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,150 | 73,522 | 12,927 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 157.50 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 170,607 | 170,607 | 170,607 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 6,357 | 94,877 | |||||||||||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | ||||||||||||||||||
Restricted Stock [Member] | The 2004 Stock Option and Award Plan [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||||||||||||
[1] | Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of February 28, 2017. | ||||||||||||||||||
[2] | Of the 6,357 restricted stock awards that vested during the second quarter of fiscal 2017, 5,150 related to awards granted on February 3, 2014. The remaining 40% of these restricted stock awards cliff vest after five years on February 3, 2019 and are amortized to expense over the vesting period using the straight-line attribution method. The other restricted stock awards that vested related to awards granted in February 2015 in connection with the Code Red acquisition, which vested 100% on February 9, 2017. | ||||||||||||||||||
[3] | Of the 94,877 restricted stock awards that vested during the first quarter of fiscal 2017, 73,522 related to awards granted on November 1, 2013. The remaining 40% of these restricted stock awards cliff vest after five years on November 1, 2018 and are amortized to expense over the vesting period using the straight-line attribution method. The other restricted stock awards that vested related primarily to awards granted in November 2015, which vest 20% per year on the anniversary date of the award. |
Note 14 - Employee Stock Opti65
Note 14 - Employee Stock Option and Retirement Plans - Summary of Stock Option Activity (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2012 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2017 | Feb. 29, 2016 | |
Balance (in shares) | 3,833,000 | 3,364,000 | 3,364,000 | ||||
Balance (in dollars per share) | $ 136.43 | $ 129.54 | $ 129.54 | ||||
Granted (in dollars per share) | $ 169.16 | $ 150.81 | $ 153.87 | $ 170.13 | |||
Exercised (in shares) | (170,000) | (199,000) | |||||
Exercised (in dollars per share) | $ 89.62 | $ 74.56 | |||||
Forfeited (in shares) | (50,000) | (26,000) | |||||
Forfeited (in dollars per share) | $ 141.50 | $ 147.22 | |||||
Balance (in shares) | 3,699,000 | 3,833,000 | 3,699,000 | ||||
Balance (in dollars per share) | $ 139.27 | $ 136.43 | $ 139.27 | ||||
Non Performance Based [Member] | |||||||
Granted (in shares) | 671,263 | 4,073 | 513,785 | ||||
Granted (in dollars per share) | $ 152.28 | ||||||
Performance Shares [Member] | |||||||
Granted (in shares) | 241,546 | 61,744 | 22,460 | 530,418 | |||
Granted (in dollars per share) | $ 169.16 | $ 159.45 | |||||
Non-Employee Director Grant [Member] | |||||||
Granted (in shares) | 24,000 | ||||||
Granted (in dollars per share) | $ 170.24 |
Note 14 - Employee Stock Opti66
Note 14 - Employee Stock Option and Retirement Plans - Changes to the Current Estimate of the Vesting Percentage and Related Expense (Details) $ in Thousands | 6 Months Ended | |
Feb. 28, 2017USD ($) | ||
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Cumulative Catch-up Adjustment | $ (619) | [1] |
Remaining Expense to be Recognized | ||
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Cumulative Catch-up Adjustment | (464) | [1] |
Remaining Expense to be Recognized | 145 | |
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Three [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | 581 | |
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Four [Member] | ||
Cumulative Catch-up Adjustment | 464 | [1] |
Remaining Expense to be Recognized | 1,017 | |
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Five [Member] | ||
Cumulative Catch-up Adjustment | 928 | [1] |
Remaining Expense to be Recognized | 1,453 | |
Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | ||
Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Cumulative Catch-up Adjustment | 3,369 | [1] |
Remaining Expense to be Recognized | 8,881 | |
Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Three [Member] | ||
Cumulative Catch-up Adjustment | 4,716 | [1] |
Remaining Expense to be Recognized | 12,434 | |
Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Four [Member] | ||
Cumulative Catch-up Adjustment | 6,738 | [1] |
Remaining Expense to be Recognized | 17,762 | |
Performance Shares [Member] | Share-based Compensation Award, Tranche Five [Member] | ||
Cumulative Catch-up Adjustment | 1,400 | |
Performance Shares [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | ||
Performance Shares [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Cumulative Catch-up Adjustment | 58 | [1] |
Remaining Expense to be Recognized | 442 | |
Performance Shares [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche Three [Member] | ||
Cumulative Catch-up Adjustment | 82 | [1] |
Remaining Expense to be Recognized | 618 | |
Performance Shares [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche Four [Member] | ||
Cumulative Catch-up Adjustment | 116 | [1] |
Remaining Expense to be Recognized | 884 | |
Performance Shares, Additional Granted [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche One [Member] | ||
Cumulative Catch-up Adjustment | [1] | |
Remaining Expense to be Recognized | ||
Performance Shares, Additional Granted [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche Two [Member] | ||
Cumulative Catch-up Adjustment | 68 | [1] |
Remaining Expense to be Recognized | $ 2,637 | |
[1] | Amounts represent the cumulative catch-up adjustment to be recorded if there was a change in the vesting percentage as of February 28, 2017. |
Note 14 - Employee Stock Opti67
Note 14 - Employee Stock Option and Retirement Plans - Changes to the Current Estimate of the Vesting Percentage and Related Expense (Details) (Parentheticals) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 56 Months Ended | ||
Jul. 31, 2012 | Sep. 30, 2016 | Nov. 30, 2015 | Feb. 28, 2015 | Feb. 28, 2017 | Feb. 28, 2017 | |
Performance Shares, Additional Granted [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Vesting percentage | 0.00% | |||||
Performance Shares, Additional Granted [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Vesting percentage | 100.00% | |||||
Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Vesting percentage | 0.00% | |||||
Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Vesting percentage | 50.00% | |||||
Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Vesting percentage | 70.00% | |||||
Performance-based Options, Four Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||||
Vesting percentage | 100.00% | |||||
Performance Shares [Member] | ||||||
Vesting percentage | 20.00% | 80.00% | ||||
Performance Shares [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Vesting percentage | 40.00% | 40.00% | 0.00% | |||
Performance Shares [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Vesting percentage | 20.00% | 20.00% | 50.00% | |||
Performance Shares [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Vesting percentage | 70.00% | |||||
Performance Shares [Member] | Portware LLC [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||||
Vesting percentage | 100.00% | |||||
Performance Shares [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Vesting percentage | 70.00% | |||||
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Vesting percentage | 0.00% | |||||
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Vesting percentage | 10.00% | |||||
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Vesting percentage | 40.00% | |||||
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Four [Member] | ||||||
Vesting percentage | 70.00% | |||||
Performance-based Options, Two Year Measurement Period [Member] | Code Red, Inc. [Member] | Share-based Compensation Award, Tranche Five [Member] | ||||||
Vesting percentage | 100.00% |
Note 14 - Employee Stock Opti68
Note 14 - Employee Stock Option and Retirment Plans - Summary of Restricted Stock Award (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2017 | Nov. 30, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |||
Balance (in shares) | 172,000 | 262,000 | 262,000 | |||
Balance (in dollars per share) | $ 134.02 | $ 126.27 | $ 126.27 | |||
Granted (in shares) | 8,000 | 5,000 | 12,927 | 93,120 | ||
Granted (in dollars per share) | $ 161.31 | $ 151.63 | $ 157.50 | $ 159.46 | ||
Vested (in shares) | (6,000) | [1] | (95,000) | [2] | (101,234) | (37,079) |
Vested (in dollars per share) | $ 105.91 | [1] | $ 112.70 | [2] | ||
Balance (in shares) | 171,000 | 172,000 | 171,000 | |||
Balance (in dollars per share) | $ 136.65 | $ 134.02 | $ 136.65 | |||
Forfeited (in shares) | (3,000) | |||||
Forfeited (in dollars per share) | $ 114.42 | |||||
[1] | Of the 6,357 restricted stock awards that vested during the second quarter of fiscal 2017, 5,150 related to awards granted on February 3, 2014. The remaining 40% of these restricted stock awards cliff vest after five years on February 3, 2019 and are amortized to expense over the vesting period using the straight-line attribution method. The other restricted stock awards that vested related to awards granted in February 2015 in connection with the Code Red acquisition, which vested 100% on February 9, 2017. | |||||
[2] | Of the 94,877 restricted stock awards that vested during the first quarter of fiscal 2017, 73,522 related to awards granted on November 1, 2013. The remaining 40% of these restricted stock awards cliff vest after five years on November 1, 2018 and are amortized to expense over the vesting period using the straight-line attribution method. The other restricted stock awards that vested related primarily to awards granted in November 2015, which vest 20% per year on the anniversary date of the award. |
Note 14 - Employee Stock Opti69
Note 14 - Employee Stock Option and Retirement Plans - Summary of Share-based Awards Available for Grant (Details) - shares | 3 Months Ended | ||
Feb. 28, 2017 | Nov. 30, 2016 | ||
The 2004 Stock Option and Award Plan [Member] | |||
Balance (in shares) | 814,000 | 1,491,000 | |
Share-based awards canceled/forfeited (in shares) | [1] | 56,000 | 29,000 |
Balance (in shares) | 788,000 | 814,000 | |
The 2004 Stock Option and Award Plan [Member] | Non Performance Based [Member] | |||
Granted (in shares) | (671,000) | ||
The 2004 Stock Option and Award Plan [Member] | Performance Shares [Member] | |||
Granted (in shares) | (62,000) | (23,000) | |
The 2004 Stock Option and Award Plan [Member] | Restricted Stock [Member] | |||
Granted (in shares) | [2] | (20,000) | (12,000) |
Non Employee Directors Stock Option Plan [Member] | |||
Balance (in shares) | 66,000 | 66,000 | |
Share-based awards canceled/forfeited (in shares) | [1] | ||
Balance (in shares) | 42,185 | 66,000 | |
Non Employee Directors Stock Option Plan [Member] | Non Performance Based [Member] | |||
Granted (in shares) | (24,000) | ||
Non Employee Directors Stock Option Plan [Member] | Performance Shares [Member] | |||
Granted (in shares) | |||
Non Employee Directors Stock Option Plan [Member] | Restricted Stock [Member] | |||
Granted (in shares) | [2] | ||
[1] | Under the Company's Option Plan, for each restricted stock award canceled/forfeited, an equivalent of 2.5 shares is added back to the available share-based awards balance. | ||
[2] | Each restricted stock award granted is equivalent to 2.5 shares granted under the Company's Option Plan. |
Note 15 - Stock-based Compens70
Note 15 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 13, 2017 | Jan. 15, 2016 | Jul. 31, 2012 | Feb. 28, 2017 | Nov. 30, 2016 | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2017 | Feb. 29, 2016 | Aug. 31, 2016 | Aug. 31, 2008 |
Allocated Share-based Compensation Expense | $ 7,200 | $ 8,600 | $ 13,600 | $ 15,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 83,300 | $ 83,300 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 182 days | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 169.16 | $ 150.81 | $ 153.87 | $ 170.13 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 43.81 | $ 40.51 | $ 39.95 | $ 46.59 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 371,304 | 371,304 | |||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 20,744 | 20,338 | 37,240 | 36,173 | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | $ 0 | |||||||||
Non Employee Directors Stock Option Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 23,846 | 22,559 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 35.65 | $ 31.03 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 250,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 42,185 | 66,000 | 42,185 | 66,000 | |||||||
Non Employee Directors Stock Option Plan [Member] | Malcolm Frank [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,417 | ||||||||||
Non Employee Directors Stock Option Plan [Member] | Laurie Siegel [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,417 | ||||||||||
Non Employee Directors Stock Option Plan [Member] | Sheila B. Jordan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,417 | ||||||||||
The 2008 Employee Stock Purchase Plan [Member] | |||||||||||
Allocated Share-based Compensation Expense | $ 600 | $ 500 | $ 1,000 | $ 900 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 135.48 | $ 127.92 | $ 135.77 | $ 128.99 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 25.88 | $ 29.54 | $ 27.85 | $ 27.73 | |||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 20,744 | 20,338 | 37,240 | 36,173 | |||||||
Non Performance Based [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 671,263 | 4,073 | 513,785 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 152.28 | ||||||||||
Performance Shares [Member] | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 200 | $ 200 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 182 days | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 241,546 | 61,744 | 22,460 | 530,418 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 169.16 | $ 159.45 | |||||||||
Employee Stock Option [Member] | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 169.16 | 152.51 | $ 150.81 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 43.81 | $ 39.60 | $ 40.51 | ||||||||
Performance and Non Performance [Member] | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 170.21 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 46.62 | ||||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 8,000 | 5,000 | 12,927 | 93,120 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 161.31 | $ 151.63 | $ 157.50 | $ 159.46 |
Note 15 - Stock-based Compens71
Note 15 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Employee Stock Options (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Expected life (years) (Year) | 7 years 146 days | 7 years 146 days | 7 years 146 days | 7 years 292 days |
Expected volatility | ||||
Dividend yield | 1.18% | 1.07% | 1.18% | 1.07% |
Weighted average estimated fair value (in dollars per share) | $ 43.81 | $ 40.51 | $ 39.95 | $ 46.59 |
Granted (in dollars per share) | $ 169.16 | $ 150.81 | $ 153.87 | $ 170.13 |
Fair value as a percentage of exercise price | 25.90% | 26.90% | 26.00% | 27.40% |
Minimum [Member] | ||||
Risk-free interest rate | 0.49% | 0.16% | 0.07% | 0.07% |
Expected volatility | 21.00% | 21.00% | 21.00% | 21.00% |
Maximum [Member] | ||||
Risk-free interest rate | 1.89% | 2.12% | 2.09% | 2.12% |
Expected volatility | 29.00% | 30.00% | 30.00% | 30.00% |
Note 15 - Stock-based Compens72
Note 15 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions of Non-employee Director Stock Options (Details) | Jan. 13, 2017 | Jan. 15, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 |
Expected life (years) (Year) | 7 years 146 days | 7 years 146 days | 7 years 146 days | 7 years 292 days | ||
Expected volatility | ||||||
Dividend yield | 1.18% | 1.07% | 1.18% | 1.07% | ||
Non Employee Directors Stock Option Plan [Member] | Employee Stock Option [Member] | ||||||
Risk-free interest rate | 1.95% | 1.62% | ||||
Expected life (years) (Year) | 5 years 146 days | 5 years 146 days | ||||
Expected volatility | 22.70% | 23.00% | ||||
Dividend yield | 1.24% | 1.05% |
Note 15 - Stock-based Compens73
Note 15 - Stock-based Compensation - Summary of Stock Option Weighted Average Assumptions, Employee Stock Purchase Plan (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Expected life (Month) | 7 years 146 days | 7 years 146 days | 7 years 146 days | 7 years 292 days |
Expected volatility | ||||
Dividend yield | 1.18% | 1.07% | 1.18% | 1.07% |
Weighted average estimated fair value (in dollars per share) | $ 43.81 | $ 40.51 | $ 39.95 | $ 46.59 |
The 2008 Employee Stock Purchase Plan [Member] | ||||
Risk-free interest rate | 0.51% | 0.26% | 0.44% | 0.17% |
Expected life (Month) | 90 days | 90 days | 90 days | 90 days |
Expected volatility | 7.80% | 12.50% | 8.90% | 11.40% |
Dividend yield | 1.25% | 1.03% | 1.19% | 1.08% |
Weighted average estimated fair value (in dollars per share) | $ 25.88 | $ 29.54 | $ 27.85 | $ 27.73 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | Aug. 31, 2017 | Aug. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 7,300 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 20.20% | 35.00% | 35.00% | ||
Unrecognized Tax Benefits | $ 10,029 | $ 8,782 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 1,700 | ||||
Maximum [Member] | Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, Operational Realignment, Basis Point | 2.50% |
Note 16 - Income Taxes - Provis
Note 16 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | ||
U.S. operations | $ 34,661 | $ 66,375 | $ 94,863 | $ 137,274 | |
Non-U.S. operations | 54,829 | 18,544 | 84,447 | 35,047 | |
Income before income taxes | 89,490 | 84,919 | 179,310 | 172,321 | |
U.S. operations | 12,545 | 13,704 | 30,598 | 37,776 | |
Non-U.S. operations | 10,235 | 3,453 | 15,419 | 6,818 | |
Total provision for income taxes | $ 22,780 | $ 17,157 | $ 46,017 | $ 44,594 | |
Effective tax rate | 25.50% | 20.20% | [1] | 25.70% | 25.90% |
[1] | In December 2015, the Consolidated Appropriations Act, 2016 (the "2016 ACT") was signed into law. The ACT reinstated and made permanent the U.S. Federal R&D tax credit (the "R&D tax credit"), which had previously expired on December 31, 2014. The reenactment of the R&D tax credit was retroactive to January 1, 2015 and by providing for a permanent R&D tax credit, the 2016 ACT eliminates the yearly uncertainty surrounding the extension of the credit. Prior to the reenactment of the R&D tax credit, FactSet had not been permitted to factor it into its effective tax rate as it was not currently enacted tax law. The reenactment resulted in a discrete income tax benefit of $7.3 million during the second quarter of fiscal 2016 and reduced the Company's effective tax rate for the quarter to 20.2%. |
Note 16 - Income Taxes - Signif
Note 16 - Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Feb. 28, 2017 | Aug. 31, 2016 |
Receivable reserve | $ 575 | $ 531 |
Deferred rent | 973 | 1,022 |
Other | 1,145 | 1,605 |
Net current deferred tax assets | 2,693 | 3,158 |
Depreciation on property, equipment and leasehold improvements | 6,747 | 5,194 |
Deferred rent | 10,462 | 9,626 |
Stock-based compensation | 16,156 | 19,927 |
Purchased intangible assets, including acquired technology | (27,472) | (24,645) |
Other | 2,969 | 3,304 |
Net non-current deferred tax assets | 8,862 | 13,406 |
Total deferred tax assets | 11,555 | 16,564 |
Current | ||
Other | 767 | 291 |
Net current deferred tax liabilities | 767 | 291 |
Non-current | ||
Stock-based compensation | (592) | |
Depreciation on property, equipment and leasehold improvements | (388) | |
Purchased intangible assets, including acquired technology | 4,031 | 1,666 |
Other | (104) | 42 |
Net non-current deferred tax liabilities | 2,947 | 1,708 |
Total deferred tax liabilities | $ 3,714 | $ 1,999 |
Note 16 - Income Taxes - Reconc
Note 16 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands | 6 Months Ended |
Feb. 28, 2017USD ($) | |
Unrecognized income tax benefits | $ 8,782 |
Additions based on tax positions related to the current year | 903 |
Additions for tax positions of prior years | 344 |
Statute of limitations lapse | |
Unrecognized income tax benefits | $ 10,029 |
Note 16 - Income Taxes - Major
Note 16 - Income Taxes - Major Tax Jurisdictions in Which the Company and Affiliates Operate and the Earliest Tax Year Subject to Examination (Details) | 6 Months Ended |
Feb. 28, 2017 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |
Open tax years | 2,013 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |
Open tax years | 2,017 |
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |
Open tax years | 2,010 |
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |
Open tax years | 2,017 |
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | Earliest Tax Year [Member] | |
Open tax years | 2,013 |
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | Latest Tax Year [Member] | |
Open tax years | 2,017 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | Earliest Tax Year [Member] | |
Open tax years | 2,012 |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | Latest Tax Year [Member] | |
Open tax years | 2,017 |
Note 17 - Long-term Debt (Detai
Note 17 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Mar. 17, 2017 | Oct. 26, 2016 | Sep. 21, 2015 | Feb. 06, 2015 | Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | Aug. 31, 2016 |
Interest Paid | $ 1,300 | $ 900 | $ 2,400 | $ 1,300 | |||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | ||||||||
Line of Credit Facility, Maximum Amount Of Additional Borrowings | 265,000 | ||||||||
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | 25,000 | ||||||||
Long-term Line of Credit | 365,000 | 365,000 | |||||||
Revolving Credit Facility [Member] | Bank of America, N.A. [Member] | Subsequent Event [Member] | |||||||||
Extinguishment of Debt, Amount | $ 365,000 | ||||||||
Revolving Credit Facility [Member] | The Loan [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 365,000 | 365,000 | $ 300,000 | ||||||
Long-term Line of Credit | $ 35,000 | $ 365,000 | 365,000 | $ 300,000 | |||||
Additional Long-Term Line of Credit | $ 65,000 | ||||||||
Line of Credit Facility, Commitment Fee Amount | 0 | ||||||||
Revolving Credit Facility [Member] | The Loan [Member] | Maximum [Member] | |||||||||
Amortization of Debt Issuance Costs | $ 100 | ||||||||
Revolving Credit Facility [Member] | The Loan [Member] | Eurodollar [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 0.50% | |||||||
Revolving Credit Facility [Member] | Second Amendment, Loan [Member] | |||||||||
Line of Credit Facility, Maximum Amount Of Additional Borrowings | $ 400,000 | ||||||||
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | 25,000 | ||||||||
Additional Long-Term Line of Credit | $ 265,000 | ||||||||
Revolving Credit Facility [Member] | Second Amendment, Loan [Member] | Eurodollar [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Note 17 - Long-term Debt - Debt
Note 17 - Long-term Debt - Debt Obligations (Details) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Feb. 28, 2017 | Aug. 31, 2016 | Feb. 06, 2015 |
2015 Revolving Credit Facility | $ 35,000 | ||
Total Outstanding Debt | $ 365,000 | ||
The Loan [Member] | |||
2015 Revolving Credit Facility | 365,000 | $ 300,000 | |
Total Outstanding Debt | $ 365,000 | $ 300,000 | $ 35,000 |
Note 18 - Commitments and Con81
Note 18 - Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2017USD ($)ft² | Feb. 29, 2016USD ($) | Feb. 28, 2017USD ($)ft² | Feb. 29, 2016USD ($) | Aug. 31, 2016USD ($)ft² | |
Operating Leases, Rent Expense | $ 11,500 | $ 10,600 | $ 22,900 | $ 20,900 | |
Other Liabilities, Noncurrent | 35,535 | 35,535 | $ 33,080 | ||
Letters of Credit Outstanding, Amount | $ 1,900 | $ 1,900 | |||
Purchase Commitment, Remaining Minimum Amount Committed | 67,500 | ||||
Largest Individual Client Percent Of Total Subscriptions | 2.00% | 2.00% | |||
Percentage of Subscription from Ten Largest Clients | 15.00% | 15.00% | |||
Allowance for Doubtful Accounts Receivable | $ 1,700 | $ 1,700 | 1,500 | ||
Deferred Rent [Member] | |||||
Other Liabilities | 36,600 | 36,600 | 34,400 | ||
Other Liabilities, Noncurrent | $ 33,800 | $ 33,800 | $ 31,200 | ||
Norwalk Connecticut [Member] | |||||
Area of Real Estate Property | ft² | 1,142,000 | 1,142,000 | 202,000 | ||
Increase (Decrease) in Area of Real Estate Property | ft² | 70,000 | 70,000 | |||
Increase (Decrease) in Area of Real Estate Property, Percent | 6.50% |
Note 18 - Commitments and Con82
Note 18 - Commitments and Contingencies - Future Minimum Lease Commitments (Details) $ in Thousands | Feb. 28, 2017USD ($) |
2017 (remaining six months) | $ 16,857 |
2,018 | 34,912 |
2,019 | 32,665 |
2,020 | 26,362 |
2,021 | 20,533 |
Thereafter | 153,874 |
Total | $ 285,203 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | Mar. 17, 2017 | Feb. 06, 2015 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | |
Line of Credit Facility, Maximum Amount Of Additional Borrowings | 265,000 | |
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | $ 25,000 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | PNC [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575,000 | |
Line of Credit Facility, Maximum Amount Of Additional Borrowings | 225,000 | |
Line of Credit Facility, Minimum Borrowing Amount Required for Additional Borrowings | 25,000 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | PNC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Proceeds from Lines of Credit | 575,000 | |
BI-SAM Technologies [Member] | Subsequent Event [Member] | ||
Payments to Acquire Businesses, Gross | $ 205,200 |